It Is Getting Harder to Buy with FHA

Real Estate News

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:

Increase in down payment
Raising minimum credit scores
Limit seller contributions

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: Friday, December, 25th 2009 @ 10:20:00 AM
Views: 334

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