The House of Representatives passed by a wide margin FHA reform legislation that would allow the Administration to adjust monthly premiums on mortgage insurance.This bill, H.R. 5072, FHA Reform Act of 2010, would strengthen the FHA loan insurance program while keeping it available and affordable to responsible home buyers.
Allowing FHA to raise the monthly insurance premium would let FHA lower the up-front premium that places a burden on cash-strapped borrowers at closing. During the legislative process, the House defeated an amendment that would have increased the FHA down payment from 3.5% to 5%, which would have disenfranchised more than 300,000 potential homeowners and would not have contributed significantly to FHA cash reserves.
If you are unsure what FHA insurance means to you, just call or email. I can recommend reputable, experienced lenders with our Daytona Beach real estate and get you started toward homeownership.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.ormondbeachscene.com
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