{"id":30010,"date":"2010-01-20T10:09:01","date_gmt":"2010-01-20T10:09:01","guid":{"rendered":"http:\/\/forestridgevoice.com\/2010\/01\/20\/fha-imposes-stricter-requirements\/"},"modified":"2019-04-23T20:54:55","modified_gmt":"2019-04-23T20:54:55","slug":"fha-imposes-stricter-requirements","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/fha-imposes-stricter-requirements\/","title":{"rendered":"FHA IMPOSES STRICTER REQUIREMENTS"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignleft size-full wp-image-458\" src=\"http:\/\/forestridgevoice.com\/files\/2010\/01\/Money-in-the-Bank1.jpg\" alt=\"Money in the Bank\" width=\"128\" height=\"160\" \/>The Federal Government has imposed stricter guidelines for FHA loans.\u00a0 According to the latest news:<\/p>\n<p><span style=\"font-family: Times New Roman\"><strong>&#8220;The Federal Housing Administration on Wednesday announced stricter requirements for its loans, with buyers paying higher insurance premiums and having access to less cash from sellers for closing costs.<\/strong><\/span><\/p>\n<p><span style=\"font-family: Times New Roman\"><strong>Also, borrowers who want to put the minimum 3.5 percent down for FHA loans must have credit scores of at least 580. Those with less than 580 will have to put down at least 10 percent. Previously, FHA did not require a minimum credit score.<\/strong><\/span><\/p>\n<p><strong><span style=\"font-family: Times New Roman\">FHA loans are popular with many first-time buyers because of the low down payment requirements.<\/span><br \/>\n<span style=\"font-family: Times New Roman\">Under the new rules, insurance premiums will be 2.25 percent of the value of the loans. That\u2019s up from 1.75 percent.<\/span><br \/>\n<span style=\"font-family: Times New Roman\">The most sellers can contribute to buyers\u2019 closing costs will drop to 3 percent of the value of the home. The percentage now is 6 percent.<\/span><\/strong><\/p>\n<p><span style=\"font-family: Times New Roman\"><strong>FHA Commissioner David Stevens said in a statement that the changes will strengthen the agency\u2019s capital reserves and allow it to continue to provide homeownership for many Americans.&#8221;<\/strong><\/span><\/p>\n<p><span style=\"font-family: Times New Roman\"><strong>\u201cStriking the right balance between managing the FHA\u2019s risk, continuing to provide access to underserved communities, and supporting the nation\u2019s economic recovery is critically important,\u201d Stevens said. \u201cWhen combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency\u2019s history.&#8221;<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Government has imposed stricter guidelines for FHA loans.\u00a0 According to the latest news: &#8220;The Federal Housing Administration on Wednesday announced stricter requirements for its loans, with buyers paying higher insurance premiums and having access to less cash from sellers for closing costs. Also, borrowers who want to put the minimum 3.5 percent down<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/fha-imposes-stricter-requirements\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5759,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FHA IMPOSES STRICTER REQUIREMENTS - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/fha-imposes-stricter-requirements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHA IMPOSES STRICTER REQUIREMENTS - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"The Federal Government has imposed stricter guidelines for FHA loans.\u00a0 According to the latest news: &#8220;The Federal Housing Administration on Wednesday announced stricter requirements for its loans, with buyers paying higher insurance premiums and having access to less cash from sellers for closing costs. 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