New FHA measures may cost home buyers
Any changes in the FHA loan guidelines affects my business quite a bit. The changes that I noticed first are that seller will only pay up to 3% of buyer's closing costs as opposed to 6% from before. Also, the minimum FICO score increased from 500 to 580, although realistically most lenders are looking for a 620 FICO or higher. To be honest though, not much has changed because sellers were always negotiating the 6% buyer's costs down to 3-4% anyway. Still, it's ALWAYS good to know ANY changes in the lending industry, even though I'm not a lender myself.
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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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