Hello neighbors,

In recent reports, HUD secretary Donavan and Commissioner of the FHA is suspecting that the FHA will soon announce major changes that will guarantee the FHA a solid financial future. Some examples of these projected changes include:

- An increase in down payments from 3.5% to 5%

- An increase in the upfront premiums to 3% opposed to 1.75%

- .55% monthly MIP's will also receive an increase

- Reduction of seller concessions from 6% to 3%

- An increase in the minimum FICO score

- Possible LTV maximums by FICO score

- An increase in responsibility of FHA lenders for fraud