FHA Financing Changes – What you Need to Know

The premiums that lenders charge to process FHA financed loans recently increased by a significant amount.  In addition, credit score requirements for FHA financial options have gone up. This increase means that FHA financing is not necessarily the great deal it used to be when looking for home financing options.

Once considered the best deal for homebuyers, FHA lenders are being required to assess higher fees and look harder at credit scores.  This makes FHA financing more difficult to qualify for just like other lending options.

FHA loans are now charging more percentage points (check with your local state lender for the exact percentage points) of the total loan amount as a premium for securing the loan.  Though FHA loans still offer a good opportunity for those seeking low down payments, and are an alternative lending option for those that do not want or cannot afford a conventional loan, FHA is not as easy to secure as it has been in the past.

For Boise Idaho here are a few homes that would qualify for FHA financing that are under $200,000 that are not more than 10 years old furnished by IDX/MLS: