Good news.......On September 18th, the House passed the Expanding Homeownership Act of 2007, H.R. 1852. This bill will revitalize the Federal Housing Administration (FHA), which was established to provide a reliable source of affordable mortgage loans for first-time homebuyers.
The bill will enable the Federal Housing administration to serve more subprime borrowers at affordable rates and terms, to attract borrowers that have turned to predatory loans in recent years, and to offer refinancing to homeowners struggling to meet their mortgage payments in the midst of the current turbulent mortgage markets.
This is exciting news for all of us in the Real Estate Field! Time for everyone to brush up on their FHA facts!