CNNMoney is reporting that the FHA reform bill that has been kicking around Congress since last fall might be ready to pass the senate and House by April. This would make permanent some of the FHA reforms that the economic stimuls package put into place through the end of 2008. Here is some of that article:
NEW YORK (CNNMoney.com) — By early April, both chambers of Congress are likely to tie the bow on a bill that would expand the reach of the Federal Housing Administration (FHA), which aims to provide safe loan alternatives to subprime mortgages and make homeownership more accessible.
Different versions of the FHA modernization bill passed in the House and the Senate last year, and both Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and House Financial Services Chairman Barney Frank (D-Mass.) said last week that the differences between the chambers could be resolved in short order.
“I think we are fairly close to having an FHA reform bill that we will be able to adopt very quickly,” said Dodd on the Senate floor last week.
The FHA program is intended for mortgage borrowers with weak credit or little or no cash who may not be able to get an affordable mortgage elsewhere.
Fill in the contact form on the right to get the latest info on government-backed mortgage programs.