The Federal Housing Administration will propose changes in their qualifying guidelines. These changes will make it harder for buyers to qualify for a FHA insured mortgage (just what we need!)
These changes include raising the minimum down payment requirement from 3.5% to 5%. The maximum contribution from the seller will be cut in half from 6% to 3%. And the credit score requirement will be raised to conform with lender's guidelines.
More to follow next week.....
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