Well the simple answer is "yes and no" the minimum requirement is a 100A - 220V with breakers not fuses. We always recommend that the old Zensco Main Service Panels be replaced regardless of having breakers or not as they are commonly known to fail. Lets take a look at some we have seen that required replacement. 
This system has the incoming power on the right side and it feeds the meter then out to a stab lock when engaged it provides power to the "penny fuses" then out to the home.
Can you believe that in this day and age this home has one set of 30 amp breakers for everything in the home?
A hair dryer could blow one of these fuses if anything else is on in the home.
This is one I saw yesterday with a similar configuration but I've not seen one that has fuses on the street side of the meter... odd to say the least. Then it feeds the meter, then three sets of fuses... there are two 30 amp fuses on the street side, then two sets of 30 amp fuses on the right side and a set of 20 amp fuses.
The meter is on the top of the box to the left. The black boxes inside the panel is two cartridge fuses each then of course you recognize more "penny fuses" then the box to the right as a fuse holder for two more cartridge fuses.
In all cases the FHA 203 program would require that these type system must be replaced with breaker type panels and a minimum of 100 amp but in reality the typical today is a minimum of 125 amp - 220V and more common than that is 200 amp - 220V systems. If a 100 amp breaker panel exits we would likely leave it alone as it does meet the minimum requirement.
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