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Homebuyer Tax Credit Extension
WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers who are under contract by April 30, 2010 and must close by June 30. The bill also includes a reduced credit of up to $6,500 for repeat buyers who have owned their homes for at least five years.
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FHA changes will impact home ownership.
1. Loans to borrowers with a FICO score of less than 580 will require a minimum 10 percent downpayment. Loans to borrowers with a FICO score of 580 or above will require the traditional minimum down payment of 3.5 percent.
2. Second, the upfront mortgage insurance premium will increase to 2.25 percent.
3. Third, the FHA will reduce allowable seller concessions from six percent to three percent of property value to conform to industry standards.
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