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The Federal Housing Administration is getting low on funds. It announced Wednesday new ideas to generate more revenue from those seeking FHA mortgages. The new measures are designed to replenish their quickly dwindling reserves that are now $3.6 billion, which is only 0.5% of the $685 billion in loans the FHA insures.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development has asked Congress to raise the cap on the annual insurance the FHA can charge borrowers. The plan also includes making borrowers put more money down, and to set new minimum credit score requirements. The FHA will also limit the amount of money that sellers can provide for closing costs on home sales to 3% of the home price, from the current level of 6%.
Also I would expect that as the government tax refund deadline approaches, there will be much more competition among buyers. So if you're in the market to buy, it's best to get it while the gettins' good.
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