Senate Passes FHA Reform

The The Expanding American Homeownership Act FHA Reform bill passed was Friday by the full US Senate.

The bill passed 93-1 and cuts in half the required down payment for FHA first time homeowner programs.

This bill Expands the FHA Home Equity Conversion Mortgage (HECM) Program maximum loan limit to a national level of $417,000 the current Fannie Mae loan limit, and lowers origination fees from 2% to 1.5%

While the bill has some process to go through before it becomes law, it may become law shortly before or after the new year.



About seniorhomeadvisor

I have found one tool that provides the most immediate and profound effect on the quality of life for a portion of our society that is being severely challenged by the rapidly changing world we find ourselves in. View all posts by seniorhomeadvisor

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: