While the jury is still out on the impact, I believe on the surface these changes could impact some buyers ability to qualify for an FHA loan.
The 3.5% down payment requirement by the FHA will not change however some of the changes announced include:
- minimum credit score of 580 to qualify for 3.5% down loan
- 10% down if credit score below 580
- allowed seller concessions changing to 3% from 6%
- buyers pays upfront 2.25% of total loan as mortgage insurance premium (previously 1.75%)
If you are in Brevard County, Florida call or send me an email if you have any questions.
Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge, Florida. Email me at firstname.lastname@example.org or call 321-693-3850.