Preferred Investors Realty, LLC

Preferred Investors Realty, LLC

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7527 N. Seeley Avenue, Suite 1, Chicago, IL 60645 | Phone: 773.818.9054| Fax: 866.381.4238 | preferredinvestorsrealty@gmail.com

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Friday, January 22, 2010

FHA Tightens Borrower's Down Payment Restrictions

The Federal Housing Authority (FHA) is going to be requiring higher, 10 percent down payments from those borrowers with credit scores below 580 in order to shore up their finances. Borrowers with a credit score above 580 will continue to be able to do the 3.5 percent down payment.

FHA will also increase its upfront private mortgage insurance premium from 1.75 to 2.25 precent. The agency is expected to get congressional approval to raise the annual mortgage insurance premiums above the current .55 percent maximum, although it was not been announced as to what they are looking to raise it to.

1:47 pm cst

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We are proud members of the following organizations:

National Association of Realtors
Realtor Association of Northwest Chicago

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Preferred Investors Realty, LLC ** 7527 N. Seeley Avenue, Suite 1, Chicago, IL 60645 ** 773.818.9054 office ** 866.381.4238 fax