Written by Tiasha Hendricks
Friday, 21 December 2007 09:06
As you know the industry is changing. Beginning January 1, 2008 there will be a lot of changes to FHA, VA and Conventional; primarily FHA. FHA will now require a credit score of 620 in order to use Down Payment Assistance. The Down Payment Assistance programs (Non-Profits) can be used until March 1, 2008. We will have to wait and see what will occur after that time. If a borrower has a credit score of 619 or lower, they must have their own money for down payment, or they can receive gift money from a family member.
To Read complete article:
http://www.blackatlanta.com/home/index.php?option=com_content&view=article&id=1228:new-fha-changes-effective-1108&catid=100:mortgages
Friday, 21 December 2007 09:06
As you know the industry is changing. Beginning January 1, 2008 there will be a lot of changes to FHA, VA and Conventional; primarily FHA. FHA will now require a credit score of 620 in order to use Down Payment Assistance. The Down Payment Assistance programs (Non-Profits) can be used until March 1, 2008. We will have to wait and see what will occur after that time. If a borrower has a credit score of 619 or lower, they must have their own money for down payment, or they can receive gift money from a family member.
To Read complete article:
http://www.blackatlanta.com/home/index.php?option=com_content&view=article&id=1228:new-fha-changes-effective-1108&catid=100:mortgages
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