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FHA Requirement Changes Coming?

HUD is playing with the idea to modify the requirements to get an FHA loan. Currently some things on the table that are being discussed in smoke-filled rooms with poor lighting are increasing the down payment from 3% to 5%, limiting the amount of money that seller’s can contribute to buyer’s closing costs from 6% to 3% and increasing the minimum FICO score from 500 to something that... [Read more]