There are some big changes coming for FHA buyers in 2010. The Federal Housing Administration which guarantees about one-third of home loans in the U.S. just announced several significant changes that will make the cost of getting an FHA insured loan higher. I've listed some of the changes below. While it's not been said exactly when the changes will begin, some could take place as soon as this spring.  

  • Buyers will begin paying a premium fee of 2.25% up from the previous 1.75%. 
  • Sellers will be allowed to contribute no more than 3% of the sales price towards a buyers closing costs.  
  • Buyers with a FICO score less than 580 will now be required to make a 10% down payment up from the previous 3.5%.