FHA will be increasing their mip to 2.25%. You must also have a credit score of at least 580 or put 10% down. The seller will be allowed to pay only 3% closing cost vs 6% now. These changes are to go into effect int the early summer. Now is a good time to purchase a home in Jackson, TN. With the tax credit of $8,000 or $6,500 and while the interest rate is at an all time low.
