The FHA Modernization Bill has passed the Senate and is on its way to the President's desk.
This bill would set loan limits up to $625,500 for Fannie Mae, Freddie Mac, and FHA. This would equate to lower rates on larger loans.
Also included in the bill is a temporary home ownership tax credit for first time home buyers that can be up to $8,000.
Another feature of this bill is a broad reform of Fannie Mae, Freddie Mac and FHA and creates a new FHA program to help homeowners at risk of foreclosure.
Please stay tuned to find out if this bill is signed into law by the President.
No comments:
Post a Comment