MojoBlog

New FHA Rules

January 22, 2010

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FHA- As of mid February HUD will require all appraisals to be ordered through a management company ( HVCC) just like all conventional loans are ordered today. They’re also eliminating the 90 day flip rule as of next month, but only for sellers that have a 20% or less profit margin ( which basically means the rule still exists)

They’re apparently going to re-visit the rule later this month to see if they can make it more effective, stay tuned. Lastly they are raising their MIP premium from 1.75% to 2.25% by this spring, and lowering the seller credit down from 6% to 3% by this summer.

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