I received the handout below from a lender friend of mine. I realize I have recently posted changes to FHA’s lending policies, but this handout concisely summarizes the recent changes quite nicely. Plus, it doesn’t hurt repeating in case it may have been missed the first time around.
New FHA guidelines in a nutshell:
- Increased upfront mortgage insurance premiums
- Higher FICO scores required
- Reduced seller concessions
- No more “90-day flipping rule”
Click on the doc below to enlarge…