Hud posted a press release this morning, announcing more policy changes. These changes are aimed at strengthening FHA's capital reserves while working to reduce risk. The announced FHA policy changes include:
1. Increased mortgage insurance premium (MIP)
2. Updated FICO scores and down payments
3. Reduced allowable seller concessions from 6% to 3%
4. Increased enforcement on FHA lenders
Read all the details in HUD's press release.
With all the recent regulation changes, it can be frustrating trying to keep up. We are happy to answer your questions. Visit www.MortgageComplianceAdvisors.com or call 877-226-3152.
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