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FHA Raising Downpayments, Credit Scores & Fees
Qualifying for FHA loan likely to get tougher
Aug. 09, 2010
By JOSH BROWN The Virginian-Pilot
Subprime borrowers will face tougher requirements on loans insured by the Federal Housing Administration. Minimum down payment requirements are increasing, acceptable credit scores are being raised and the fees will be higher. The housing agency is also cutting the amount a seller can contribute towards a homebuyer's closing costs.