FHA Underwriting Changes Proposed To Boost MMIF Capital Reserves

摘要

HUD is proposing three changes in FHA home mortgage underwriting guidelines in order to help restore the Mutual Mortgage Insurance Fund (MMIF) capital reserve account to the 2 percent statutory minimum.rnThe changes, which were spelled out in a July 15 Federal Register notice, would reduce the limit on seller-paid closing costs, add credit scores to the underwriting process, and tighten underwriting standards for loans which are manually underwritten.