Relevant:
- FHA May Require 10% Down from Low Credit-Score Borrowers
- FHA Looks to Shore Up Finances with New MIP Changes (Including Downpayment Hike to 5%!)
- fha chief fights off higher down payment requirement
- Bill Raises Required Down Payment to 5% for FHA Loans
- 2009 FHA Limit Set - $625,500 limit in high-cost areas
2009-10-01 — bloomberg.com
"Legislation introduced in the U.S. House of Representatives would require higher down payments from borrowers seeking federally backed loans as lawmakers try to prop up the Federal Housing Administration’s insurance fund.
Representative Scott Garrett, a New Jersey Republican, is pushing the legislation to recoup some of the program’s losses as record-high delinquencies drive FHA’s reserve fund below 2 percent of loans insured, he said in a statement. The measure brought forward today would increase the minimum down payment required for an FHA loan to 5 percent from 3.5 percent."
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Comments:
catherine at 18:52 2009-10-02 said:
all these games and manipulations.............they have the largest housing supply in history and THEY NEED BUTTS IN HOUSES AND THEY ARE GOING TO TOUGHEN UP THE RULES ON BORROWERS. :lol: :lol: :lol: ............... HEHEHEHE, SOONER RATHER THAN LATER THEY WILL EITHER BE BULLDOZING THE HOMES UNDERGROUND OR ALLOWING ALL TAKERS TO MAKE OFFERS ON THEIR FORECLOSURE PILE OF HOUSES THEY MAY RAISE THE DOWNPAYMENT AND THEN OFFER TO PAY THE DOWNPAYMENT WITH OTHER TAXPAYER'S MONEY........... :roll: Permalinkadd a comment | go to forum thread
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