Federal Housing Administration Home Loan Changes Effective October 4

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Federal Housing Administration home loan changes are going into effect on October 4, 2013. Under new rules, potential borrowers will likely save thousands at closing, but monthly mortgage payments may be a little higher. In addition, FHA is setting a minimum FICO score of 500 for homebuyers. And borrowers with scores of less than 580 will have to put 10 percent down, instead of 3.5 percent. Read More

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