I just received something interesting in my email inbox from the president of our mortgage company.

It seems that the senate just passed a bill that will lower the amount of funds required from the buyer of a home when using an FHA loan, so instead of 3% it will be 1.5%.

On top of that, it also will raise the maximum loan amount on FHA loans to $417,000.

The reason I feel this is important besides that fact that borrowers will need lower down payments is because both Fannie Mae and Freddie Mac have both imposed recent adjustments that will cause the rates on some loans to go up.

This will be huge for the industry if it happens especially if you are lucky enough to be an FHA lender.