FHA update Nov
Post date: Nov 09, 2010 5:26:16 PM
FHA Commissioner David Stevens sent out the following note outlining recent FHA updates and newly proposed rules. As FHA has now moved into a new fiscal year, I want to take the opportunity to update you on several FHA policy initiatives that went into effect earlier this month (October 4). These include a new product option for FHA’s Home Equity Conversion Mortgage (HECM), changes to our Mortgage Insurance Premiums (MIPs), and new credit score and down payment requirements for FHA borrowers.
To read the entire article, please visit:http://www.mortgagenewsdaily.com/10222010_fha_mip_hecm_saver_indemnify.asp