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by CareyBot

FHA borrowers will soon need a 580 FICO score in order purchase a home with the minimum 3.5 percent downpayment, and won't qualify for the program at all if they have a score below 500.Federal housing officials are moving closer to implementing several policy changes announced in January that will also reduce the maximum allowable seller concession on FHA-backed loans from 6 percent to 3 percent and tighten underwriting standards for manually underwritten loans.The Department of Housing and Urban Development (HUD) on Thursday published a notice in the Federal Register outlining the details of the policy changes and the rationale behind them. HUD will consider public comments submitted by Aug. 16 before publishing a final notice that will include the implementation date for the changes.The ...