In summary this is going to cost homebuyers MORE money. While no "date" has been set, the press release said it would be late spring/early summer when these changes are expected to take place.
Some of these changes will include:
1. Lower credit scores will require more money down.
2. Up Front Mortgage Insurance Premium (MIP) will increase by 1/2%. Changing from 1.75% to 2.25%.
3. Seller contributions will decrease from 6% to 3%.
If you have any questions about this or any other subject simply e-mail it to Questions@ZOOMLossMitigation.com.
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