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FHA Toughens Down Payment Rules

The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday. The change is among a number of major changes the FHA is making to ensure its long-term financial soundness. Borrowers with credit-rating scores below 580 will be required to put [...]

January 22nd, 2010 | Tags: , , | Category: Articles | Leave a comment

News from NAR

FHA Imposes Floor for 3.5 Percent Down
FHA today announced major underwriting changes to strengthen its reserves while maintaining the agency’s critical position in the mortgage market at a time when its federally backed loans comprise about 40 percent of the market. Among the changes: an increase in the up-front mortgage insurance premium by 50 bps [...]

January 21st, 2010 | Tags: , | Category: Articles, Uncategorized | Leave a comment