The Department of Housing and Urban Development's (HUD) proposal would alter the Federal Housing Administration’ s (FHA) credit score requirements, the level of seller concessions; and the standards for loans that are underwritten manually. The Intent of these changes is to strengthen the reserves of the insurance fund that covers FHA losses.

In the proposed changes, HUD said that these changes are aimed at preserving "both the historical role of the FHA in providing a home financing vehicle during periods of economic volatility and HUD's social mission of helping underserved borrowers."

Comments are due August 16 and can be sent to regcomments@ncleague.org for submission to HUD. For a detailed summary of the proposed changes, click here.