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
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