3/11/2010

The Federal Housing Administration's loan volume would have fallen 40% in the next fiscal year, and 300,000 first-time home buyers would not get loans if the agency had bowed to pressure to increase down-payment requirements, according to a report by the agency. Loans backed by FHA require down payments as low as 3.5% of the purchase price. A bill introduced last year would have boosted that requirement to at least 5%.

Related Summaries