FHA Down Payment Guidelines May Change

There has been a new bill proposed by Congressman Scott Garrett (R-N.J.) that would require a larger down payment on FHA home loans, and also eliminate FHA financing of closing costs.

If the bill passes, the minimum down payment for FHA loans would be 5% instead of 3.5%. Currently, some closing costs can be financed as part of an FHA new home loan, but that would also change.

FHA Mortgage Rates