Dan Keller talks about the changes in the FHA loan program
Seattle FHA lender and Dean Ouellette talk FHA loans, recent changes in the program and rumors about what may be next.
Dan Keller and I discuss the changes to the FHA guidelines as of October 4th 2010. Your upfront cost for mortgage insurance on a FHA loan is going to be lowered, but that will be made up for in your monthly payment.
There are also rumors about FHA changing their minimum FICO score to 640 and lowering the contribution that can be made by the seller. Dan explains to us how those rumors are not baseless, but just not happening at this time.
What exactly is the future of FHA, are there troubling waters ahead?