In early summer 2010, FHA will begin requiring home buyers with less that a 580 credit score to have a 10% of the purchase price downpayment to qualify for an FHA loan.
Buyers with a score of 580 or over will continue to qualify with only 3.5% of the purchase price of a home as their downpayment amount.
If you would like to read more information on the January 20, 2010 announcement of FHA changes for the near future, click on the link below:
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016
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