FHA Modernization Passes House

Posted on February 13 By MLP Blog

As many have probably already seen, HR 1852 made it through the House of Representatives on Tuesday (9/18/07) by a vote of 348-72. Optimism abounds as the push for a revamped FHA moves towards Senate committee consideration in the coming weeks.

We've discussed FHA Modernization at length here on MLP over the past 6 months. For a quick snapshot of what the legislation passed in the House calls for, here’s a quote from MortgageDaily.com:

The legislation, formally H.B. 1852, The Expanding American Homeownership Act of 2007, also extends the maximum length of an FHA to 40 years from 35, makes it easier for borrowers to refinance into an FHA loan, allows some down payment assistance providers to participate in the FHA program, and authorizes zero and lower down payment loans for borrowers that can afford mortgage payments but lack the cash for a required down payment. And it more than doubles the current funding level for housing counseling to help both subprime homebuyers and borrowers who are delinquent on their loan payments.

Things are looking good.

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