My Mortgage Blog

Change!!  America asked for it and we got it...more FHA changes.  Here are the changes coming:

-Minimum credit score for the standard 3.5% is now 580(below 580 is 10% down)

-Seller concessions towards the buyers closing costs are being reduced from the current 6% (which usually covers all closing costs) to the MUCH lower 3%

-Up front mortgage insurance is increasing .5%

-We (the mortgage specialist) cannot order the appraisal through an appraiser that we trust.

All of these changes are going to cost you, the borrower, more out of pocket money at closing.  These changes have not gone into effect yet...so now is the time to buy before it happens.

Call us now...772.263.2820 or 772.263.2179