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Raising the downpayment on FHA loans to 5%

I was reviewing my Alerts last night and stumbled upon this gem( http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3706🙂 which is a new bill sitting in the House Financial Services Committee. This bill if it continues would require an increase in the downpayment required on FHA loans from the current 3.5% to 5%. I am sure that everyone that does not live under a rock would view this as possibly the worst thing that could be enacted in this current economic environment. A FHA loan is perhaps the only way a first time homebuyer can afford to buy a new home. Lets hope that this bill gets stuck in committee, insert the school house rock music at this point.

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