The US House of Representatives has overwhelmingly passed legislation to allow the Federal Housing Administration to adjust monthly premiums on mortgage insurance.
The 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.
In the process of crafting a final bill, 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 support this bill, contact your Senators and Representatives now. Not sure what FHA down payments and mortgage insurance will mean to you when you buy a home in Mercer County? Just call or email and let's talk.
Joe Giancarli, Sales Associate
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
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