concessions" will more closely align FHA’s single family mortgage insurance programs with standard industry practice and minimize FHA exposure to the risk of adverse selection. Secondly, FHA proposes
As promised in December, the Federal Housing Administration has announced the details of changes intended to strengthen its capital reserves which were reported to be headed into dangerously low.
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FHA Tightens Lending Insurance Requirements to Limit Risk – and the FHA will also propose to reduce the maximum allowable seller concession from its current level to one that’s more "in line with industry norms." Currently, the allowable seller concession.
The FHA loan allows sellers to give buyers a credit up to 6 percent. This credit can be used for the down payment or other closing costs or concessions. This could feasibly mean low-income borrowers.
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4. Political concessions: Cecala says the development is an acknowledgment that the FHA was going to have to beef up its credit requirements one way or another. "It’s basically a trade-off," Cecala.
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he added that FHA will be looking for new ways to reduce risk. Those steps will include raising minimum borrower fico scores, possibly requiring larger downpayments, and reducing the maximum.
Another significant change the FHA is planning deals with how much a seller may offer a homebuyer as a concession to make purchasing the property more attractive, such as paying a buyer’s closing.
Under HUD, the parent of FHA, FHA allows a maximum of 6% sellers concessions; For VA loans, the maximum amount of sellers concession.