The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers. FHA is making these changes to ensure long-term financial soundness. With credit scores below 580, borrowers will need 10% down. Above 580 will allow for only 3.5% down. FHA is also increasing upfront mortgage insurance premiums from 1.75% to 2.25%. For more information visit www.soprisrealty.com
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