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FHA Increases Down Payment Requirements |
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The Federal Housing Administration raises minimum down payment requirements for borrowers with lower credit scores. The change is among a number of major changes the FHA is making to ensure its long-term financial soundness. Borrowers with credit scores less than 580 will be required to put down at least 10 percent of the purchase price. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes will hope to better the agency's finances. The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. In short borrowers who secure loans without a 20 percent down payment of the homes value will be required to pay this fee to obtain financing. In all this will allow less buyers in to the market but will ultimately secure the longevity of the government loan program. |
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