New FHA Guidelines. Michael Ackerman Seattle Real Estate.

Michael Ackerman, a Seattle real estate agent, blogs about the recent announcement from FHA about their upcoming guideline changes. The minimum down payment will now be 10% for those borrowers with credit scores below 580, the upfront MI premium is going from 1.75% to 2.25%, and sellers will now only be able to credit buyers 3% of the purchase price toward their closing costs instead of the current 6%. If you have any questions or comments, please email Michael at [email protected] or visit www.mackerman.com.