Delaware Valley Real Estate - OnPoint with Letitia Stevenson

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HUD May Tighten FHA Requirements. What Are Your Thoughts?

In an effort to bring the Federal Housing Administration's reserves above the mandated 2% minimum, HUD's Secretary Shaun Donovan requested authority - from Congress last week - to tighten its FHA Requirements.

Although final numbers have yet to worked out, HUD is considering:

  • Increasing down payment from 3.5% to 5%.
  • Reducing maximum seller concessions from 6% to 3% and
  • Raising minimum FICO score from 500 to 620

HUD may soon tighten FHA Requirements... What are your thoughts on this?

 

 Letitia Stevenson, REALTOR®  | Licensed in DE, PA & MD |  

Berkshire Hathaway HomeServices Fox & Roach, REALTORS® 

(Formerly Prudential Fox & Roach, REALTORS®)

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Comment balloon 0 commentsLetitia Stevenson • December 06 2009 11:59PM
HUD May Tighten FHA Requirements. What Are Your Thoughts?
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In an effort to bring the Federal Housing Administration's reserves above the mandated 2% minimum, HUD's Secretary Shaun Donovan requested authority - from Congress last week - to tighten its FHA Requirements. Although final numbers have yet… more