1. FHA announced on Wednesday they will require 10% down payment (Max LTV 90%) for borrowers with FICO scores less than 580. I do not expect this to impact the FHA mortgage loans that I originate. Very few people have been able to get approved with FICO scores less than 580. 2. FHA is increasing the Upfront MIP from 1.75 to 2.25 effective for case numbers issued from 4/1/2010 forward. This sounds ominous but if a borrower is financing $200,000.00, the Upfront MIP will increase $1,000.00 from $3,500.00 to $4.500.00. Most FHA borrowers finance the Upfront MIP. This will increase their monthly payment by $5.35 per month if they are borrowing the money at 5% for 30 years. 3. FHA did implement a waiver on Jan 15 for 1 year starting on 2/1/2010 lifting the 90 day rule. This means properties that transferred within 90 days of the sales contract will be eligible for FHA insurance with certain criteria. As more information becomes available regarding the certain criteria, I will share it with you.  Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL. | 
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