FHA loans have seen a resurgence since they require so little to put down to purchase a home. In fact, a FHA loan is used in around 30% of the purchases in the U.S. However, new rules that have been proposed are looking to change that.
Some of the changes include:
This will be cutting the real estate market at the knees when it needs all the help you can get. Now that lenders are actually requesting full documentation and doing a real underwriting, these further restrictions shouldn't be needed.
Date: 2009-12-25 10:20:00