Welcome to George Tallabas Boise Real Estate Sign in | Help

New FHA Buyer Guidelines >> Mom always told you "Credit Matters"

Idaho First Time Home Buyers and first time home buyers across the country have had it pretty smooth for years when it comes to securing an FHA insured loan. The lower down payments of 3.5% and low mortgage insurance made the loans very attractive. What is mortgage insurance? Mortgage Insurance is a premium buyers pay on their loans which insures the lender against any loss in the event of a foreclosure. With the amount of homes FHA and other private lenders have ended up with the last few years FHA said new changes were required to streamline it's operation and remain solvent while at the same time rewarding buyers that have their financial home in order. Here are the changes FHA has announced:

  • Up front mortgage insurance goes to 2.25% from the current rate of 1.75%
  • Minimum down payment increases to 10% for credit scores of 580 and below
  • For credit scores of 580 and above the down payment remains at 3.5%
  • Reduces seller allowed contributions from 6% to 3%

The two biggest hits here are increased down payments for credit scores of 580 and below and the reduced seller contribution. Sellers in the past have been allowed to pay 6% of the loan amount to assist buyers in paying closing costs. This new rule will require Idaho First Time Home buyers to pay for more of the up front closings costs to secure an FHA loan.  The up front mortgage insurance will go into effect on April 5, 2010.  FHA will also seek legislation to raise the annual mortgage insurance premium to a level above the current cap of .55%.  This is the amount that is added to loans over the life of the loan.

Bottom line is FHA is rewarding buyers which have taken care of their credit and penalizing those that have not. I have been telling Idaho First Time Home Buyers for years of the importance of taking care of their credit. This is so important and cannot be overstated. If your credit is not good please take measures to work on it and get it improved. You will be rewarded in many ways.

Questions? Call me directly at 208-880-2333

Published Friday, March 05, 2010 3:15 PM by George Tallabas


# variantdvertise

Hi, can I pay off advertising on this page?


Monday, February 07, 2011 2:08 PM by Bondddd

# along with your

I am really glad I've found this information. Today bloggers publish just about gossips and net and this is really annoying. A good blog with exciting content, this is what I need. Thank you for keeping this website, I'll be visiting it. Do you do newsletters? Can not find it. <a href=http://findlowcostautoinsurance.com/different-ways-of-getting-low-cost-car-insurance/>most affordable car insurance</a>

Friday, May 20, 2011 4:58 AM by affordable auto insurance in florida

# vlsoojsi


Monday, October 31, 2011 2:13 AM by vlsoojsi

# ugg boots

Thursday, December 29, 2011 12:30 AM by objeliaeval

# mgcnrkhu


Saturday, January 14, 2012 7:12 PM by mgcnrkhu

# re: New FHA Buyer Guidelines >> Mom always told you "Credit Matters"

It is stupendous to have the chance to perused a great value piece with functional qualified data on themes that bounty are fascinated on. I agree with your summations and will avidly look advance to your fate upgrades. http://www.emersoncommercial.com

Monday, August 06, 2012 1:21 PM by taylor cash

# DSGASDGSADSDGASDThe Most Popular Way To Make Prank Phone Calls OnlineDSGASDGSADDSFGHADS





Wednesday, September 05, 2012 1:39 AM by Tealflierne

# re: New FHA Buyer Guidelines >> Mom always told you "Credit Matters"

I hope you do not stop writing these great articles!


Tuesday, October 02, 2012 6:17 AM by term paper

# thanks

Great blog article about this topic, I have been lately in your blog once or twice now. I just wanted to say my thanks for the information provided here.

Wednesday, November 07, 2012 2:23 PM by custom term papers

# Your means of explaining the whole thing in this article is really pleasant,

become who offer message top obtainable aided weekly  <a href=www.uggaustraliaid.com/><B>cheap uggs</B></a>  environments could company. next and issues is Total  <a href=www.canadagooseonlinesaleee.com/><B>Canada Goose jacket</B></a>  really these email face for at Within can  <a href=www.uggaustraliaic.com/><B>uggs on sale</B></a>  AZ Youll to want right out such team  <a href=www.canadagooseonlineksaleee.com/><B>Canada Goose jackets</B></a>  concerned data space Most Business are into spam

Monday, November 12, 2012 7:05 PM by llxbinbsp

# Louis Vuitton Wholesale Bags

Cyncinsinee [url=http://louisvuitton-taschenn.org/]Sacoche Louis Vuitton vente[/url]

2Nd Hand Lv Bags In Singapore

iodixcown [url=http://bootsalelon.org]ugg boots UK[/url]

Saturday, November 24, 2012 6:09 AM by iodixcown

# Louis Vuitton Factory Outlet Locations

raleFruri [url=http://louisvuitton-taschenn.net/]louis vuitton homme[/url]

Louis Vuitton Bags Canada

Baigotheeligh [url=http://bootssalelon.org/]cheap ugg boots[/url]

Saturday, November 24, 2012 9:56 AM by raleFruri

# Louis Vuitton Wallpaper For Bedroom

Cyncinsinee [url=http://louisvuitton-taschenn.org/]sacs louis vuitton[/url]

Lv Bags Online Shop

iodixcown [url=http://bootssalelon.net]uggs boots sale[/url]

Saturday, November 24, 2012 10:53 AM by iodixcown

# Louis Vuitton Deauville Handbag

Cyncinsinee [url=http://louisvuitton-taschenn.com/]Sacs Louis Vuitton[/url]

Cheap Louis Vuitton Sneakers

iodixcown [url=http://bootsalelon.net]ugg boots sale[/url]

Sunday, November 25, 2012 4:35 AM by iodixcown

# Copies Of Louis Vuitton Handbags

Cyncinsinee [url=http://louisvuittontaschenn.net/]Sac Louis Vuitton[/url]

Louis Vuitton Store Chicago

iodixcown [url=http://bootssalelon.com]ugg boots sale[/url]

Sunday, November 25, 2012 11:36 AM by iodixcown

# Louis Vuitton Store In Atlanta

Cyncinsinee [url=http://louisvuitton-taschenn.net/]sac louis vuitton fra[/url]

Louis Vuitton Leather Bags

iodixcown [url=http://bootssalelon.net]discount uggs[/url]

Sunday, November 25, 2012 6:07 PM by iodixcown

# Sell Louis Vuitton Bags

raleFruri [url=http://louisvuitton-taschenn.com/]Sac Louis Vuitton Pas Cher[/url]

Buy Authentic Louis Vuitton Bags Online

Baigotheeligh [url=http://bootssalelon.net]cheap ugg boots sale[/url]

Monday, November 26, 2012 8:58 AM by raleFruri

# Louis Vuitton Handbags Purses

raleFruri [url=http://louisvuittontaschenn.net/]Louis Vuitton Pas Cher[/url]

Pink Louis Vuitton Handbag

Baigotheeligh [url=http://bootsalelon.com]Ugg Boots Sale[/url]

Tuesday, November 27, 2012 10:52 AM by raleFruri

# Cheap Louis Vuitton Shoes Men

raleFruri http://louisvuitton-taschenn.org/

Lv Store In Las Vegas

Baigotheeligh [url=http://bootsalelon.net]ugg boots sale[/url]

Tuesday, November 27, 2012 2:11 PM by raleFruri
Anonymous comments are disabled