H.R. 5072 & H.R. 4213 - FHA Reform Act of 2010
The House overwhelmingly passed reform legislation on June 11th that is believed will strengthen the FHA loan insurance program while keeping it available and affordable to responsible home buyers. Changes include:
• FHA to raise monthly insurance premiums and lower up-front premiums that place burdens on cash strapped borrowers.
• Amendment to increase FHA minimum down payment requirement from 3.5% to 5% was defeated; if approved it is estimated 300,000 homebuyers would be disenfranchised.
• Home Buyer Tax Credit CLOSING deadline is extended from June 30th to September 30th; Amendment does NOT extend the deadline for home buyers to qualify.
• The extension is expected to allow over 180,000 transactions to close that would not have otherwise made the June 30th deadline.
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