Expanding Homeownership Act of 2007 passes house
H.R. 1852 allows for expanding the FHA mortgage initiative to include a number of key features that will ultimately make the world a better place. Some of my favorites are offering a 40-year program to lower payments for cashflow-strapped borrowers, and also improving down payment offerings to include a 0% down option. While 0% down FHA loans are nothing new in particular with the utilization of Down Payment Assistance programs, They have been cumbersome to pull together and require equity in the house. Now the FHA will offer a true 100% financing option, which will be great news for many people who may have thought renting for several more years was their only hope. If you enjoy reading really long legal documents, the full text of the resolution may be found here - http://www.govtrack.us/congress/billtext.xpd?bill=h110-1852.
What are your thoughts? How will this affect Portland mortgage brokers and home loans in Portland?
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