New Mortgage Rules Rapped: Mortgage bankers said...
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New Mortgage Rules Rapped: Mortgage bankers said tougher mortgage lending rules announced by the Federal Housing Administration could put home ownership out of reach for thousands of American families. The changes will push up the cost of mortgages insured by the FHA, effectively shutting many potential home buyers out of the market, which could stifle the housing recovery. The regulations, which take effect July 1, require home buyers to pay higher closing costs--an additional $1,000 on a $100,000 loan--and new premiums for mortgage insurance.
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