I just got word from the National Association of REALTORS Action Center that the Senate has passed the FHA Modernization Bill. They have been working on this for some time now and the next step is to go to a conference committee where they can reconciled the two versions passed, one by the US House of Representatives and the new bill passed by the Senate.
I am hoping we get them to increase the loan limits to the conforming limit now of $417,000. They are also looking into modifying the downpayment amounts to make it easier for borrowers to qualify for these loans. The other terms they are working on is a 40 year amortization, possibly allow more condo loans, varianging the mortgage insurance premium, and other helpful programs.
It is not over by no means. Who knows how it will all look at the end after they work through all of the issues, wants, and dislikes. FHA has been needing to be Modernized for some time now. We are on the right track at least.
Read what the bill actually reads:
Here is a link to see how the vote when: