Hojin's SW Orlando Real Estate Scoop

Real Estate News for Dr. Phillips, Windermere, Gotha, Celebration, Winter Garden, Ocoee, Clermont, Metrowest

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FHA Modifications

February 18th, 2010 · No Comments

FHA recently announced some changes to it’s program that will be in effect in the coming months. Among the changes are a higher Mortgage Insurance Premium of 2.25% effective April 2010 which is a .5% increase, a requirement for a higher minimum FICO or credit score to 580, reduced the seller concessions to 3% from 6%, and temporarily lifted the no 90 day flipping rule. For more detailed information about the changes, visit http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf

According to fha.com, the currently loan limit for an FHA loan in Orange County, FL is $353,750. Why they threw in the extra $750 in the limit is beyond me but it’s well above the average price of a home in Orange county so it’s a reasonable limit nonetheless.

Tags: Mortgages