SOURCE: Mortgage News Feed
Anyone with a less than perfect credit rating is likely to find it pretty hard to get a loan these days, but it also seems as if FHA fees are holding back a full housing market recovery. An article in American Banker points out that the Federal Housing Administration has raised its fees so much that many Americans cannot afford them, which is bad news for the economy and the real estate market. According to figures from the National Association of Realtors, the numbers of first time buyers are now at historic lows, at around 28%.
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