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 FHA Loan Expansion Program
By: Darin "Sid" Cameron, CRS
Sat, Dec 22nd, 2007 2:11 am

Yesterday our friend Bill Nass at Gershman Mortgage sent over a Washington Post article discussion potential changes to FHA loans.  As we hear more we'll let you know.

Summary of that article:

Hundreds of thousands of minority and moderate-income home buyers would become eligible to get low-rate, low-down-payment mortgages insured by the federal government under new legislation that is about to pass.  The purpose of the program is to draw people away from sub-prime adjustable rate loans.

Currently FHA typically insures lower end mortgages for qualified home buyers, and require a 3 percent down payment.  The Senate bill would lower the down payment requirement to 1.5 percent and allow the FHA to insure larger mortgages (roughly 3x larger than they do now).

It should be noted that FHA does NOT rely on public funds to provide mortgage insurance.  Instead they cover their costs by charging a mortgage insurance fee to home buyers, normally about 1 percent of their mortgage amount.  To cover their additional funding it's expected they may raise the ceiling on that fund to 3%.

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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