If you haven't heard, FHA is tightening its guidelines for obtaining an FHA home loan.
The upfront mortage insurance is increasing from 1.75% to 2.25%. Not only that, the amount a seller can pay to contribute to the buyer's expenses is being REDUCED from 6% to 3%.
The moves are designed to shore up FHA's reserves and so be it. But if you are looking to buy with an FHA loan, do it NOW.
Read the FHA Press Release Here: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016
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