Changes to FHA Loan Guidelines

January 27th, 2010 category: Buyers, Real Estate News

FHA has made some recent changes to their lending policies.

In Suffolk County, New York the FHA loan limit is $729,750. While that remains intact, some changes have been made with other policies. One of those is the amount of seller concession permitted (it’s been reduced); the other is the amount that FHA will require for their mortgage insurance premium (MIP).

Changes can be found by clicking here, along with links to other questions that you might have regarding an FHA loan.

With many North fork and Hamptons properties falling into the FHA range, those with credit scores below 600, or limited funds for a down payment might want to check out the HUD site above.

If you have any questions, we’re happy to help.

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