Home > MINNESOTA FHA LOANS
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
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