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OUCH!!! The House wants to raise the FHA Down Payment!!!!!

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

May 25, 2011 11:54 AM

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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Phil Hillerman

Crye-Leike Realtors® - Rogers, AR

Crye-Leike Realtors®

Well if it passes I guess we will learn to work with it. It may take buyers a bit more time to save the additional funds, however it could slow sales down.

May 25, 2011 11:56 AM

Kathy Denworth

BHHS Keys Real Estate - Islamorada, FL

Realtor in the Florida Keys, Islamorada, Key Largo

They have the guts to do this and they have no idea what is going on. But at the same time, the banks screwed up and we bailing them out.

May 25, 2011 12:03 PM

Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

Not a good idea...think they forgot....again....to ask the people they represent if the pendulum keeps swinging too far in the other direction what that will mean to the housing market.

May 25, 2011 12:13 PM

Kay Van Kampen

RE/MAX Broker, RE/MAX - Springfield, MO

Realtor®, Springfield Mo Real Estate

This would most likely slow the economy even more. But on the other hand, if buyers had to put more sweat equity into their homes, they might not walk away as fast. It's a two sided sword.

May 25, 2011 02:23 PM

OUCH!!! The House wants to raise the FHA Down Payment!!!!!

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