FHA Changes To Be Announced
FHA is set to announce the changes that they may consider on Wednesday. What does this mean for a homebuyer? Most likely it will be higher credit score requirements, stricter debt to income ratios, higher mortgage insurance premium charges, and possibly larger down payments.
Many are saying that you have to make these changes slowly because it could slow down the amount of home buyers. Are you kidding me? How dumb are we? If you need to tighten guidelines because of delinquencies and reserves, doesn’t that mean you are loaning money to people who can’t repay? I know some of it has to do with the high unemployment but I would bet that is only a small percentage.