Door Opens for Refinancing as FHA Loan Expansion Heads for Senate Vote

Palm Coast, FL – The Senate yesterday agreed in committee to extend the FHA program that allows government insured, low down payment, low interest loans to minority and moderate-income home buyers. The move could affect hundreds of thousands of potential home buyers and those needing to refinance from ARMs that have adjusted upward from low “teaser” rates. A final Senate vote is expected Monday. The House passed a similar bill in September 348 to 72.

In the measure, the down payment requirement is reduced from 3 percent of the loan amount to 1.5 percent. The maximum amount of a loan will increase to $417,000. Loans will be fixed rate only. The FHA charges a fee to buyers to cover the cost of the program. This fee can be as high as 3 percent under the Senate proposal. The bill is expected to fill some of the gap left by the collapse of the subprime mortgage market.

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source: gotoby.com