New Congressional Measures to make homebuying easier

With much talk about the housing market lately it is important to note the changes to the FHA which were passed by the Senate and Congress this past week as part of the FHA Modernization Act of 2007.

The National Association of Realtors (NAR) - local chapter Dulles Area Realtors Association - have reported that the changes made to FHA products will give homebuyers a real alternative to riskier loans.

It is hoped that the President will sign the bill into law as soon as possible to help the housing market as well as the economy.

One modernization that NAR have been campaigning for is higher loan limits and the mandatory 3% downpayment minimum to be scrapped. As well as tidying up loose ends of FHA policy.

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