Just when it starts looking a little better it seems the government is going to step in and tighten up eligibility to obtain a mortgage through possibly requiring higher credit scores and larger down payments for FHA loans.
If this actually happens , it could be devastating to real estate sales (in my opinion) as half of the FHA loans in their current portfolio were initiated in the past year.
Read this link from marketwatch.com
Hi Tom,
Thank you for sharing an informative and helpful article.
John Pusa
Tom, Thanks for keeping a light shining on this issue.
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. This bill will require 5% FHA downpayment.
I urge you to send your feeling via email your congressman; their addresses can be found at: Congressional Email.
Comments(2)