If you have a less than stellar credit score, below 580, the FHA will still give you financing, but you'll have to pay for it. Down payments will have to be 10%, as opposed to the 3.5% that borrowers with higher credit scores will still pay. While not good news for those with lower scores, this will put the FHA in a more stable financial situation. They are currently exploring more ways to improve their financial situation, which has received lots of bad publicity lately. More to follow as the updates are released.
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