Somebody once said that "Small victories are worth celebrating". While this one might not 
be a great victory to many people it is a victory that home buyers,real estate agents and loan officers/mortgage lenders should definitely celebrate. In case you didn't know today a provision in Senate Bill 2438 that would have allowed the Federal Housing Administration to charge a 4 bp administrative fee has been formally dropped from the Transportation, Housing and Urban Development and Related Agencies Appropriations Act.
The provision contained in the Senate bill would have assessed the fee on lenders, costing $40 for every $100,000 borrowed. Now I know some people are probably saying $40 is not a lot. But $40 money adds up. Say you are getting a loan for $300,000 that would've been an additional $120 fee added to the loan. Why add on unnecessary fees for a home buyer who is trying to buy a house? George Souto was first person to inform us about this eight days ago with his blog
HUD is proposing another new fee on FHA Mortgages
Like George Souto first stated in his blog "As if the current 1.75% FHA Upfront Fee and 1.35 Mortgage Insurance Premium (MIP) factor were not already pricing prospective Home Buyers out of purchasing homes, HUD Is Proposing Another New Fee On FHA Mortgages which will further make home ownership more difficult". With home buyers in PG County MD that I am trying to get to use the new program Triple Play Program for Prince George's County MD Home buyers.I am sure there would be happy with this news as well because this is an additional fee that they sure didn't want nor need.
Whether you see this victory as a small victory, this is a victory that every home buyer,real estate agent and loan officer should celebrate. And during this time of year,this one came right on time. For more on this story,please click on this link.
NEW FHA ADMINISTRATIVE FEE DEFEATED IN CONGRESS
And click on this link to Search Bowie MD Homes for sale in the $250,000-$400,000 price range
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