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It will be harder to get FHA loans in the future because Uncle Sam will be enforcing new strict standards for loan approval. Now a seller can only pay up to 3 percent of a home’s value in closing costs. Before, a seller could pay up to 6 percent.

Also you must have a 580 credit score to qualify for the 3.5 percent down payment. If your score is less than 580 you will be required to pay 10 percent down. Finally, officials plan to clamp down on lenders offering FHA mortgages.

The agency will closely monitor the underwriting and loan origination processes of mortgage firms. So make sure you have your finances in order because “going FHA” will not be as easy as it was in the past.