The Real Deal Miami

FHA reform bill passes

June 15, 2010 12:45PM

The House of Representatives has passed the Federal Housing Administration reform bill that triples the cap on annual premiums, limiting the charges that the FHA can impose on borrowers to .55 percent from 1.5 percent, according to MSNBC. What didn’t make it through was an amendment to the bill that would have raised the mandatory down payment on FHA-backed loans. The current minimum down payment requirement is 3.5 percent — which many critics claim allows unfit buyers to take out loans they’re not prepared to handle.