The Federal Housing Administration has announced plans to increase the amount of up-front cash paid by new borrowers and to require higher down payments from those with the poorest credit. The Federal Housing Administration currently backs about 30 percent of all new home loans and about 20 percent of all new home refinancing loans.
Tighter standards are going to mean that less people will qualify for loans. Less qualifiers means that there will be less buyers for homes. Less buyers means that home prices are going to drop even more.
Asked by Anonymous at 2:37 PM on Feb. 7, 2010 in Politics & Current Events
Answer by mustbeGRACE at 2:52 PM on Feb. 7, 2010
Answer by Jenna66 at 3:45 PM on Feb. 7, 2010
It will help the economy by keeping thousands of homes going under foreclosure and leave them sitting empty. I hope it stops new home construction. I don't see why they keep building new developments when there empty houses all over the place just waiting for someone to buy them. Flooding the market is what tanked the economy in the first place.
Answer by maxswolfsuit at 4:05 PM on Feb. 7, 2010
Answer by mancosmomma at 4:41 PM on Feb. 7, 2010
Answer by itsmesteph11 at 9:01 PM on Feb. 7, 2010
Answer by yourspecialkid at 11:23 PM on Feb. 7, 2010
Answer by tnmomofive at 9:45 AM on Feb. 8, 2010