FHA TO TOUGHEN RULES FOR GOVERNMENT BACKED LOANS

The Federal Housing Administration is planning on making some sweeping changes in the way in which FHA loans are underwritten.  They will require that borrower to have a new minimum credit score, put more money down, and possible pay a higher FHA MIP monthly premium.  In addition the FHA has suggested that sellers will be limited to contributing 3% toward the buyers closing costs.  This will dramatically increase the amount of money that buyers will need to bring to closing.  For the complete report see:  FHA to toughen rules for borrowers: Borrowers would need 'more skin in the game'