OUCH!!! The House wants to raise the FHA Down Payment!!!!! - 05/25/11 06:54 PM
The Republican led House Financial Services Committee has drafted legislation that would, among other things, raise the FHA down-payment requirement to 5 percent and prohibit borrowers from financing their closing costs.
The draft legislation, ‘‘FHA-Rural Regulatory Improvement Act of 2011'', was discussed today in a House Subcommitte hearing entitled "Legislative Proposals to Determine the Future Role of FHA, RHS and GNMA in the Single-and Multi-Family Mortgage Markets".
Full story at Mortgage News Daily
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Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970

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