If recently introduced legislation is enacted First Time Home Buyers in Temecula and across Southwest Riverside County will face a tougher task in qualifying for their first home loan.
FHA to increase costs to First Time Home Buyers
The Federal Housing Administration (FHA) intends to raise FICO requirements, reduce seller concessions, increase mortgage insurance premiums and down payment requirements.
The Federal Housing Administration (FHA) is not, as some have claimed “the next subprime,” according to remarks prepared for presentation to congress this morning by Housing and Urban Development Secretary Shaun Donovan.
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Tags: First Time Home Buyers, help for first time homebuyers, loans for first time home buyers, Temecula Real Estate Market