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fha down payment: 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
… (4 comments)

fha down payment: This Goober Wants to Raise FHA Down Payment to 5% from 3.5% - 11/15/09 01:34 PM
More than a month ago on Monday, October 5, The FHA Taxpayer Protection Act of 2009 - HR 3706 - authored by Rep. Scott (Goober) Garrett (R-NJ) was introduced to Congress.  
If passed It would increase the minimum down payment for FHA insured mortgages from 3.5% to 5% and the law would prohibit financing FHA closing costs.  BUT WAIT there is more!
One tiny fact looms large and questions the Congressman's competence to propose any laws governing FHA is that FHA already no longer allows closing costs to be computed in the loan amount.  This changed last year.  See FHA Regs 4155 … (51 comments)

 
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Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970

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