|
Thursday, December 3, 2009
Oboma Administration to Up Mininmum Down Payment for FHA Loans In 2010A bill was introduced in October (HR 3706) will require underwritters to raise the minimum upfront
cash for FHA backed mortgages from 3.5% to 5%. In addition the minimum credit score will be raised as well. Currently the
minimum fico score is 580 on an FHA, which is considerably lower than the average coventional mortgage required by banks
which is 620.
Personally I believe this just another stupid move by our government which will push home ownership out
of the reach of many buyers at a time when the economy needs the boost of home sales the worst. However, unfortinatley the
bill has 27 co sponsors and will likley pass.
|
