FHA to make changes....
The downpayment of 3.5% will NOT change unless the borrowers credit score is 580 or less, and then there will be a 10% down requirement. Currently, Wells Fargo requires a minimum credit score of a 600, so the downpayment change won't be an issue with us as credit would be. Also, FHA is planning to raise the upfront mortgage premium (aka UFMIP) from 1.75% to 2.25%. They will continue to allow this fee to be financed. FHA also plans to change the maximum allowed seller contribution from 6% to 3%.
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