Jim Carey Exton Real Estate

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Jim Carey

Changes In FHA Loans

There have been several recent changes in FHA loan requirements:

Mortgage insurance has been increased from 1.75% to 2.25%. This will not have a huge effect since it is over the life of the loan.

Downpayment required: 3.5% with a credit score above 580, 10% with a credit score below 580

Seller assist: maximum of 3% of sale price vs. previous 6% 

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