First-timers entering the market may run into a road block. Legislation has been drafted that would raise the minimum down payment for FHA mortgages to 5 percent and cut FHA loan limits in most markets.
By lowering maximum FHA loan limits in large numbers of local areas — well below even the limits that are already scheduled to kick in Oct. 1 — the bill would squeeze down FHA loan volume across the country, cutting a resource for some home purchasers who can’t obtain a conventional mortgage.
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