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Article: Act may spell relief for homebuyers.(HM Open House)
- Article from:
- The Register Guard (Eugene, OR)
- Article date:
- January 12, 2008
CopyrightCOPYRIGHT 2008 The Register Guard. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jim Woodard Copley News Service
The FHA Modernization Act has been approved by Congress. After a bit of fine-tuning by a conference committee, it will be ready for the president's signature. It will be the biggest overhaul of loans insured by FHA in many years, and will serve the needs of homebuyers and owners who want to refinance.
Those living in particularly high-priced areas will benefit most from the changes. The new law would either raise the FHA loan limit to $417,000, the current limit for conforming home loans, or the maximum could be tied to median regional home prices. Either way, it would make the loans viable for many more buyers and ...