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What changes are coming for FHA lending?

By Implode-Explode Heavy Industries

"Now in 2010, the still-unfolding foreclosure tsunami that began in 2007 has forced FHA to alter how it can continue operating independent of taxpayer funds. Unlike many federal agencies, FHA's only operating revenues are derived from fees paid for mortgage insurance. In mid-July FHA announced a number of policy changes that included an increase in mortgage insurance premiums. FHA is also considering other changes such as requiring new mortgage applicants to have higher down payments and/or higher credit scores. "

Full post as published by Mortgage Lender Implode-o-Meter on September 14, 2010 (boomark / email).