Changes are coming to FHA standards for 2010.  A bill with 27 co-sponsors HR 3706 is moving through the house to alter basic criteria for borrowers next year.  The major areas impacted are: increasing the minimum down payment from 3.5% to 5%; adding some additional fees; increasing the minimum FICO or credit score from 500 to 580-620 range.  All of these changes are designed to help the FHA balance sheet.
The Obama administration is moving to tighten underwriting standards on FHA-backed loans by increasing the amount of upfront cash homebuyers must bring to the table, raising minimum FICO scores for new borrowers, and reducing maximum seller concessions from 6 percent to 3 percent.

Larry Mullins writes:

More money down: The FHA’s low down-payment requirement—of just 3.5 percent—is one of the main reasons that agency-guaranteed loans have become so popular. Home loans without FHA backing can come with down payments anywhere from 10 to 20 percent, depending on the market, borrower, and other factors. But the FHA’s deteriorating balance sheet has triggered calls for the agency to force borrowers to put more cash down.

Higher fees: The major downside to getting an FHA-backed loan is that borrowers must pay into an insurance
pool through upfront and annual fees. The agency uses the cash to reimburse lenders in the event of default. But with its cash reserves dwindling as more loans go bad, Donovan said the agency is considering increasing the insurance premiums as well. Although the current 1.75 percent upfront insurance premium remains below its statuary cap, the annual fee is already as high as the law allows it to go.

Donovan also said the agency would—at least for now—increase the minimum credit score for new borrowers. The FHA’s current minimum credit score is 500, and the agency did not detail the new threshold

For more information please check out US News and World Report has a great blog article by Larry Mullins article.