FHA to Tighten Up Mortgage Standards in 2013
In an effort to make up for a large budget shortfall, the Federal Housing Administration announced it will publish new mortgage standards for certain home owners and replace a popular reverse-mortgage program on Jan. 31, 2013. As among the changes, borrowers with credit scores between 580 and 620 will face stricter underwriting standards. Such borrowers will face stricter limits on their debt-to-income ratio. The FHA also will soon require a minimum down payment of 5 percent for high-cost mortgages that exceed $625,500. Read more and to stay on top of what the market is doing visit our website....
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