Changes are coming for Boise, Idaho FHA Mortgages. There is a lot of pressure out there in the mortgage markets. Many are referring to FHA mortgages as the new “sub prime” lending and many feel that FHA mortgages may be the next to implode. As unlikely as this is there are several changes that are likely to come about in the near future for FHA mortgages.
1. Credit scores are likely to increase on FHA mortgages. Right now credit scores among FHA lenders are 620-660. They are likely to increase from there.
2. Currently 3.5% is required for a down payment from the borrower. This could be changing to a flat 5% which on a $200,ooo home would mean the borrowers would have to pay an additional $3,000 towards there down payment compared to the previous 3.5%.
3. Currently seller concessions are at 6% and those are likely to drop down to 3% in the near future.
4. MIP Premiums are likely to increase based off of default and foreclosure rates going up.
These changes are going to most likely be made to FHA mortgages so that they get a better and more qualified borrower into loans that are FHA insured.
If any of you would like to discuss FHA mortgages or have questions on how to qualify for an FHA mortgage please give me a call or email me from the contact information below.
Andy Radke
Hyperion Capital Group
Mortgage Consultant
Direct: 208-859-5825
Loanswithandy@gmail.com
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