l. Mortgage insurance premium (MIP) will be increased.
- First Step will be to raise the up-front MIP to 2.25%
2. Update the combination of FICO scores and down payment for new borrowers
- New borrowers will now be required to have a minimum FICO score of 580 for FHA’s 3.5% down payment program. New borrowers with less than a 580 score will be required to put down at least 10%.
3. Seller concession will be limited from 6% to 3%.