http://repdx.com/2010/01/21/fha-raises-borrower-requirements-increases-fees/ Portland Oregon Real Estate Search Fri, 13 Jan 2012 20:31:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://repdx.com/2010/01/21/fha-raises-borrower-requirements-increases-fees/comment-page-1/#comment-2784 Ron Ares Tue, 16 Feb 2010 04:17:16 +0000 http://repdx.com/?p=1012#comment-2784 Thanks for the perspective James. Thanks for the perspective James.

]]> http://repdx.com/2010/01/21/fha-raises-borrower-requirements-increases-fees/comment-page-1/#comment-2781 James Adair Tue, 16 Feb 2010 04:00:42 +0000 http://repdx.com/?p=1012#comment-2781 The key in these changes is really the increase in the upfront MI load. That MI is really an additional "cost of financing" so FHA loans are basically getting a bit more expensive. The seller credit decrease is significant, but less so as most costs and taxes usually shake out to around 3%. The credit score thing is an absolute zero effect as virtually every bank has increased their minimum fico scores to 620. So even though HUD is changing the rule, the banks changed this rule about a year ago. The key in these changes is really the increase in the upfront MI load. That MI is really an additional “cost of financing” so FHA loans are basically getting a bit more expensive. The seller credit decrease is significant, but less so as most costs and taxes usually shake out to around 3%. The credit score thing is an absolute zero effect as virtually every bank has increased their minimum fico scores to 620. So even though HUD is changing the rule, the banks changed this rule about a year ago.

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