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sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

There is new bill introduced in congress on thursday to raise the down payment requirments

Curretnly FHA requires 3.5% and the bill is lookign to raise the limit to 5% from the current level

This is proposed by Congressman Scott Garratte

This is also calls for eliminating the FHA financign the closing cost

Keep any eye on this development

jerry · Posted: Fri Oct 02, 2009 3:43 am Post subject:

Hi sunny,

If the new bill is passed into law, it is going to affect a lot of the potential homebuyers. After the sub-prime mortgage crisis, FHA-insured loans have become the main sources of credit for many home buyers. The reason for this is, the low down payment required to qualify for FHA loans. When most lenders have tightened their qualifying requirements and want the borrowers to put down almost 20%, FHA requires only a down payment of 3.5%. If the FHA down payment requirement is raised to 5%, it is surely going to affect the demand for credit in a negative way.

Thanks,

Jerry

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats correct

This can have a major impact on lot of pople including the mortageg industry and also about the recover

We just need to wait and wacth

hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

I think obama govt is taking this action after seeing some green signals of recovery.

gmakerley · Posted: Fri Oct 02, 2009 11:08 am Post subject:

you cannot finance closing costs with an fha loan.
i agree with your assessment that bringing a 5% down payment requirement into play will adversely affect our housing "turnaround."

obama government????????????? this guy Garrett is a Republican!!! let's get real in this country for once.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats correct this was propsed by Republican Congressman

gmakerley · Posted: Fri Oct 02, 2009 3:05 pm Post subject:

it gets pretty tiresome to see all the fuss about what's going on in washington from those who just assume they know the deal.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

What can we do george, we need to know whats goign to happne and how it can affect us

We need to be aware of what decisions are beign made and we can voice our concern and bring to the attneiton fo right people to they cna take right action

Thats all

gmakerley · Posted: Sat Oct 03, 2009 7:38 am Post subject:

i am specifically referring to the foolish behavior of those who, as above, don't even know who presents a bill in congress, yet begin blasting away as if it's all on the administration.

i am not even beginning to suggest that we don't need to know what's "going to happen and how it can affect us" or that we shouldn't "voice our concern."

i do, however, suggest that this forum isn't really designed to "bring to the attention of (the) right people (so) they can take (the) right action." we're talking to ourselves for the most part, after all.

i don't think that congressman garrett is an active participant on MortgageFit.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

The forum is not desinged to bring attention of the right people, but te forum has visitos who can get more info.

I think forum is more a place for discussion, suggestion and debate

gmakerley · Posted: Sat Oct 03, 2009 9:14 am Post subject:

sunny i was quoting your previous post "right people"

i like to think that what we are attempting to do, and succeeding in many cases, is to help people understand what they're doing as they enter into, remain in and depart from the mortgage industry. side benefits are the budgeting and credit repair forums that spread a wealth of good information. fussing about who did what in washington doesn't do much to benefit any of us.

my fussing concerns trying to make this a more viable resource for those who are so much in need of good information and good advice.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Totally agree

But we also need to share information which can affect them in the near future

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New FHA Requirments - Going Up