The House Financial Services Committee is proposing an increase in FHA down payments. The current down payment for an FHA mortgage is 3.5% and they want to increase this to 5%. The FHA Rural Regulatory Improvement Act of 2011 would also prevent borrowers from rolling the closing costs into the loan. This would severely limit first time home buyers.
Representatives of the Mortgage Bankers Assoc (MBA), National Assoc of Realtors(NAR), and the National Assoc of Home Builders(NAHB) all have testified opposing this new legislation. This draft legislation does not have a bill number yet but is presently being reviewed and debated. I will keep you updated on any new findings.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
Tuesday, June 14, 2011
Sunday, June 5, 2011
Senators fight to restore counseling funding
Senators fight to restore the $88 million in funding for the housing counseling programs that were cut from the budget. This cut also includes $9 million just for reverse mortgage funding.
Counseling agencies may have to increase the cost for counseling servicies and limit the number of counselors available.
Little is known about how this program impacts consumers. But one study did show a large percentage of home owners who received this counseling did not re-default.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
Counseling agencies may have to increase the cost for counseling servicies and limit the number of counselors available.
Little is known about how this program impacts consumers. But one study did show a large percentage of home owners who received this counseling did not re-default.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
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