Another reason to buy a house now! According to Dow Jones International News, the Republicans are drafting a bill to raise the minimum FHA down deposit from 3.5% to 5%. So if you were purchasing a home worth $200,000, you will have to bring another $3,000 as a down payment than currently.
They also want to cut the FHA loan limits in many markets and lower the FHA loan limits in many areas.. One of the reasons behind this is they want to protect home owners against default and strengthen the FHA positioning.
FHA is one of the main sources of mortgage for First Time Home Buyers.
Rumors are circulating that these lower money down programs will be replaced by higher down payments mortgages. So if you needed another reason to buy (as well as low mortgage rates and home prices still low), here it is.
Julie Reddington Realtor ® ABR®
Buyers and Relocation Specialist
Source : Realtor® Dow Jones International News