The US Senate voted 93-1 to back a bill that makes changes to current FHA loan rules. The house has already passed a similar bill. The cap was extended to $417,000 for maximum loan amount and the down payment amount required was reduced from 3% to 1.5%. This is good news for buyers as FHA loans are responsible safe loans and have more lenient qualifying guidelines. This is a far better product than sub-prime loans that many were turning to. This will not help everyone, but it will help some.
Friday, December 14, 2007
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