FHA Mortgage Reform Bill Gaining Steam In Congress

Pending legislation allowing the Federal Housing Administration to offer borrowers a safer alternative to risky mortgage products and to help many homeowners facing foreclosure is moving along in Congress. A Congressional committee voted last week to send the bill to the full House of Representatives for a vote.

The legislation – called the Expanding American Homeownership Act of 2007 – would increase loan limits, eliminate the statutory 3 percent minimum cash down payment, and give FHA flexibility to provide risk-based pricing.

For more, see Passage of FHA reform bill would help homeowners and homebuyers, says NAR (courtesy of the Florida Association of Realtors).
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