FHA making sweeping changes
The Federal Housing Administration will increase insurance premiums, tighten downpayment requirements and reduce seller contributions. It also plans to step up its pursuit of mortgagees that operate outside FHA guidelines.
Borrowers who make a 3.5 percent down payment in connection with an FHA-insured loan will be required to have a credit score of at least 580. Credit scores less than 580 will require a 10 percent down payment.