FHA financing changes in Kansas City

Starting this late spring or early summer, FHA will be reducing the allowable seller concessions from 6% to 3%.  This will put a limit on the amount a home seller can contribute to the homebuyer when purchasing a home in Kansas City when the homebuyer is obtaining a FHA mortgage.

Also in the works is the Upfront MIP that a homebuyer will get charged. The upfront cost changes from 1.75% to 2.25% when obtaining a FHA mortgage with less than a 5% down payment. When obtaining a FHA mortgage with more than 5% down the MIP upfront cost stays at .55%.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates. Your FHA Mortgage experts!
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