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Senate Passed FHA Modernization Act

On Friday the 14th the Senate voted 93 to 1 to pass the FHA Modernization Act. The FHA Modernization Act is a lot more exciting than the name given, but what it will do is reform the Federal Housing Administration (FHA). A committee will now meet to resolve differences between a bill passed earlier in the year by the House of Representatives and the latest.

The passing of the FHA Modernization Act is one step in many to help future home buyers receive loans that make sense for them. Also this future programs will help homeowners with safe and affordable refinancing options. The biggest obstacle for most buyers is purchasing a home without a ‘crazy’ loan needed to purchase it. With the recent addition of higher conforming loan limits to almost $730,000, we will see some light at the end of the tunnel.

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