FHA Reform Moves Ahead in Washington

• Passed full House by a vote of 348-72

• Passed Senate Banking Committee by a vote of 20-1

• Public Comments in the Senate closed October 22, 2007

• Expected to pass the full Senate in mid-November, 2007

• To be signed by President Bush in late-November, 2007

• FHA commissioner confirms rapid implementation

Benefits of the Reforms

• Elimination of the audited financials and net worth requirements

• Brokers can post a surety bond in lieu audited financials

• Loan limits in high cost areas increased to at least $417,000

• Minimum downpayment reduced to 1.5% or lower
  
  

Contact our Licensing Experts to Become an FHA Broker

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800.948.0970

See October, 2007 Origination News and HR 1852 for more detail.