On January 20, 2010, FHA announced four important changes that will help it manage risk and strengthen its capital reserves.
  1. The up-front mortgage insurance premium (MIP) will increase to 2.25% (from 1.75%) this spring.
  2. Homebuyers with FICO scores below 580 will be required to have a minimum 10% down payment starting in early summer.
  3. FHA will reduce allowable seller concessions from 6% to 3% in early summer.
  4. HUD will enhance monitoring of FHA lenders and increase enforcement.
Learn more about the FHA changes FHA