Effective April 5th, the new requirements go into effect for FHA Loans. Buyers having a credit score below 580 the down payment is now increased to 10% of the purchase price. The lowest credit score for an FHA buyer to qualify is 580 and most lenders will not even consider FHA if the credit score is below 640.
Another change is the upfront mortgage insurance premium that accompanies an FHA loan, that increases from 1.75% of the loan amount to 2.25% of the loan amount. This is financed into the loan so it will increase the PI payment slightly.
After April 5th the allowable closing costs that could be covered by a seller concession will go from 6% to 3%. It would be the extreme case where a seller would allow as much as 5 or 6% anyway, so the new 3% limit is more realistic to what is happening in the market, so this isn't a big deal. Gift funds for the down payment are still allowed.