About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
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Here is an article that appeared recently in the Toms River Times on the pending FHA reforms:

WASHINGTON, D.C. – Now is a good day for housing, noted the National Association of REALTORS ®. On the same day that the Federal Reserve cut the discount rate by half a percentage point, the U.S. House of Representatives has passed the Expanding American Homeownership Act of 2007, H.R. 1852. The legislation will offer home buyers a safer alternative to risky mortgage products and help many homeowners who may be facing foreclosure, and the combination of efforts could have a positive impact on the housing market and consumer confidence.

“NAR appreciates the efforts of House Financial Services Committee Chairman Barney Frank, DMass., and Rep. Maxine Waters, D-Calif., for their leadership in protecting the interests of America’s homeowners and those who strive to own their own home,” said NAR President Pat V. Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt. “While some homeowners are faced with mortgage payments they can no longer afford as their adjustable subprime loans reset, a reformed FHA is positioned to offer borrowers a safer mortgage alternative and help bring stability to local markets and local economies.”

“As the leading advocate for expanding homeownership opportunities, NAR has long supported FHA modernization legislation that increases loan limits, eliminates the statutory three percent minimum cash down payment and gives FHA the flexibility to provide risk-based pricing. NAR also supports the continued availability of FHA loss mitigation programs,” said Combs. “We are pleased this bill contains all of these important enhancements.”

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