DOWN PAYMENT IS 3.5%, MONTHLY MIP(MORTGAGE INSURANCE PREMIUM) IS .55 AND UPFRONT MIP IS 1.75%. 

VARIOUS LENDERS REQUIRE DIFFERENT CREDIT PROFILES FROM 580-66O. 

UNDERWRITING IS TIGHTENING AS WELL AS PROPOSALS FOR INCREASED MORTGAGE INSURANCE, LARGER DOWNPAYMENTS AND MORE STRINGENT GUIDELINES ARE BEING PROPOSED.

 

3/06/2008 FHA HAS INCREASED THEIR LOAN LIMITS-CLICK HERE TO SEE HOW IT AFFECTS YOUR STATE-
https://entp.hud.gov/idapp/html/hicostlook.cfm

MINNESOTA:
Effective today, the metro area FHA loan limit for a single family home has been increased to $365,000. This limit also works for our FHA 203K rehab loan. Other increased limits are listed below.
2 unit     $467,250
3 unit     $564,800
4 unit     $701,900

 

 

FHA REFINANCE-GUIDELINE REQUIRE AN APPRAISAL AND INCOME VERIFICATION

 

FHA 203K-REHABILITATION LOANS