New FHA Loan Rules Will Your Buyers Credit Score Be Enough

The new rules being proposed for the Federal Housing Administration (FHA) will mean that no one with a credit score under 500 will be able to get a loan. If your buyers have a credit score of 500 - 580 they will have to put down a 10% down payments. There is a break for those who have a score over 580, they can still qualify for 3.5% down payments. A 620 score for FHA loans have been required by many lenders and can go as high as 660 in consideration of the neighborhood watch program.

Buyers who want to purchase a home with an FHA mortgage have other changes including an "Up Front Mortgage Insurance Premium". This amount is due when the buyer and seller close on the home and is calculated by multiplying the base loan amount by the percentage rate at time of closing. The positive side of this is that some of the payment can be put on the annual mortgage insurance premium giving the buyer more time to work that in their budget.

Other factors your buyers need to be aware of to get a loan with the FHA will be credit history, loan to value ratio debt to income ration and cash reserves.

Seller will also feel the effect of the changes. The FHA has lowered seller concessions from 6% to 3% in a move FHA officials say is designed to eliminate the temptation to inflate the appraised value of a home for sale.

Another change will include a "Neighborhood Watch" program. This program is implemented to increase monitoring of FHA lenders according to the FHA, as a proposed Amendment of the National Housing Act, requiring all approved mortgagees assume liability for all of the loans that they orginate and underwrite. You can get more information on the Department of Housing and Urban Development's official site.

While this bill has passed the house, the next process is to clear the Senate. Department of Housing and Urban Development Secretary Shaun Donovan seems optimistic that H.R. 5072 could clear the Senate hurdle soon, saying "We look forward to quick action by the Senate on this proposal to encourage responsible homeownership while further reducing risk to the American taxpayer."

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