New FHA standards for insured mortgages
New standards from
the Federal Housing
Administration's insured loans program:
Minimum 580 "Fair Isaac Corporation" credit score to qualify for a minimum 3.5 percent down payment, effective early summer.
Less than 580 FICO
requires 10 percent down payment (instead of 3.5 percent under current rules) effective in early summer
Mortgage insurance
premium increases from 1.75 percent of loan to 2.25. That amounts to an extra $2,000 for a $400,000 mortgage, effective in spring.
Maximum seller
concessions fall from
6 percent to 3 percent,
effective early summer
after comment period.
Report card ranking
FHA-approved lenders' performance, on Internet
by Feb. 1.
A lender's FHA loan-
making and underwriting licenses can be terminated nationwide on the basis of its regional performances. Congressional approval required.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
