New Major changes for FHA Loans April 5th

For all loans that start after 5 April FHA has changed a fee and a regulation. After that time the maximum seller contribution to help pay closing costs is now 3% of the loan-the same as with conforming loans. Also, they are raising the UFMIP (a one time charge to do the loan through FHA) from 1.75 to 2.25%. This means that on an average home loan of 150,000 the fee added to the loan goes from 2625.00 to 3375.00.