Republicans Aim to Raise FHA Down Payment Requirement - 05/25/11 08:49 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".
In a formal release, the House Financial Services Committee's Republican Chairman Spencer Bachus touted the bill as a coming at an important time in history, "This hearing and legislative proposal come at a pivotal … (2 comments)

 
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Rick Kellow FHA & Reverse Mortgage Expert

West Bend, WI

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