FHA toughens loan rules

Real Estate Agent with Sopris Realty

The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers.  FHA is making these changes to ensure long-term financial soundness.  With credit scores below 580, borrowers will need 10% down.  Above 580 will allow for only 3.5% down.  FHA is also increasing upfront mortgage insurance premiums from 1.75% to 2.25%.  For more information visit www.soprisrealty.com

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