closing costs: New FHA Rules Present a New Challenge for Agents - 01/20/10 02:48 PM
I guess I wrote yesterday's blog about needing help navigating through a myriad of new housing provisions a bit too soon.  Today, FHA announced new rules that flesh out HUD Secretary Shaun Donovan's announcement in December that buyers would soon have to put more skin in the game.
Some of the rules will require lenders to maintain more reserves and make responsible loans, while being more accountable for bad decisions in the past.  Lenders with sloppy underwriting practices could lose the ability to write FHA backed loans.
Other part of the announcement more directly affect borrowers, will need to have better … (6 comments)