To use Seller Funded Down Payment Assistant (DPA, Nehemiah), final underwriting must be completed by September 30, 2008. This type of DPA will not be available after September 30. Two out of every three FHA loans are currently using Seller Funded DPA so it is important to act now!
FHA minimum cash investment requirements are increasing to 3.5%, from 3%.
MIP will increase after October 1, 2008. HR 3221 increased the cap on MIP from 2.25% to 3%. Per FHA policy, FHA has filed the amount they want the cap to be with the Office of Management and Budget (reported to be between 2.25% and 3%, but closer to 3%). This is another reason to act now!
Visit www.Hud.gov for FHA loan amounts in your area.
Thanks for the info. Now I can get those buyers that are on the fence off of it.