FHA Changes Rules

FHA backed mortgages which have increased dramatically in the Sacramento area during the past few years and have allowed many first time buyers get into a home will be harder to obtain. The changes announced this week by the Federal Housing Administration also included a provision which may accelerate the recovery of the Sacramento real estate market. The FHA makes it possible for buyers to get a mortgage with a down payment of just 3.50 percent compared to the standard 20 percent for a conventional loan.

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