FHA Loans May Cost More
The Federal Housing Administration (FHA), which insures over 30% of home purchases and 20% of home refinancings in the current real estate market, may be announcing a set of changes that will make it more difficult and more expensive for consumers to obtains loans from that agency.
Way back in 2006, the FHA was responsible for only 3% of all the home loans that were issued. However, because of the collapse of the mortgage market, the FHA, which remained solvent, has become the first resort of home buyers who cannot afford to put down more than 3.5% for the purchase of a new home.
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