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FHA Guidelines? Why Are The Big Banks Abandoning Them?

FHA Guidelines? Why Are The Big Banks Abandoning Them?

The theory for its implementation by Congress was to help jump start the economy getting people to own their own homes.

FHA loans today only require a 3.5% down payment and due to this low down payment requirement it’s no surprise it’s a favorite among first time buyers.

The implementation of the FHA program provided a uniform set of guidelines banks could follow and should the loan ever go into default the lenders were compensated for the loss, something that banks couldn’t obtain lending directly to a buyer with the bank’s own funds.