FHA Tightens Requirements

U.S. Department of Housing and Urban Development announces new regulations in order to qualify for an FHA loan. Changes include establishing new minimum credit scores, a ratio for credit score to down payment and an increase in Mortgage Insurance Premium among other items. Here is a link to the more detailed breakdown from the HUD website. http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016