About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

Dan Dressman over at the Cincinnati Inquirer recently wrote this review of the recent changes in government refinancing assistance programs:

The recent half percent drop in the Federal Reserve discount rate is a sign that the federal government is bullish about improving consumer confidence in the housing market.

Another sign came a few weeks ago when the House of Representatives passed H.R. 1852, the American Homeownership Act.

Allowing more flexibility in the Federal Housing Administration (FHA) program to address changes in the marketplace is the hallmark of this comprehensive legislation. Some of the key provisions include higher loan limits for high-cost areas, elimination of the 3-percent-down payment requirement, simpler condo loans and expanded use of reverse mortgages.

The legislation also permits the FHA to change the terms of a loan to prevent a foreclosure.

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