FHA has proposed several changes to their current loan requirements, which may make it more difficult for some borrowers to receive an FHA loan in the future. The good news is that now is an excellent time to move on a new home, before changes take effect and while you can also take advantage of generous Federal Tax Credits.
Proposed changes include:
Reducing the maximum permissible seller concessions from 6% to 3%
Raising the minimum FICO score (credit score) for new FHA borrowers
Increasing the amount of up-front cash that a borrower has to bring to closing
Details and public guidance for these changes should be available by the end of January.
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