Soon, FHA will be a harder loan to get for some.

According to Realtytimes.com, it's about to get tougher to qualify for a FHA mortgage. The FHA is adding more-stringent lending requirements and higher fees borrowers must pay to get the federally-insured loans. Beginning this spring, the FHA will raise mortgage insurance fees that borrowers must pay, cap the amount of cash that sellers can contribute for closing costs and require higher down payments for the borrowers with poor credit scores. The new upfront mortgage premium will cost borrowers 2.25% of the loan amount. New borrowers must have a minimum FICO credit score of 580 to qualify for FHA's 3.5% down payment loan, otherwise the borrower must put 10% down. As I learn more details on the new requirements, I will be sure to post them here.