Good news for first time homebuyers and existing homeowners who need higher loan amounts for refinancing purposes. Most real estate markets saw little change to their maximum FHA home mortgage limit when the government renewed with higher home loan limits even though home prices dropped dramatically in almost all areas nationally.
The House of Representatives passed a home mortgage loan bill containing the long-awaited fixes to FHA’s Hope for Homeowners loan program late last week, and the Senate could begin its deliberations as early as next week. The measures are attached to H.R. 1106, a controversial mortgage relief bill that would enable bankruptcy judges the authority to cram down borrowers’ mortgage loan balances when they file for Chapter 13 bankruptcy.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.