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.

FHA

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