Bill to Solve FHA Finance Issues; National Mortgage NewsRep. Scott Garrett, R-N.J., has rolled out a bill that would increase the down payment requirement of the FHA to 5 percent from 3.5 percent and bar closing costs from being rolled into loans insured by the agency. "As we have learned repeatedly throughout the mortgage crisis, the amount of equity a homeowner has in their home directly correlates to the credit risk associated to their mortgage," said Garrett, who sits on the House Financial Services Committee. He also hopes to address financial issues at FHA by having the General Accountability Office determine the appropriate capital and leverage ratios for the agency's single-family program.
Chris Stevens
Coldwell Banker Home Loans
513-226-2235 (Cell)
1-856-917-1347 (E-Fax)
chris.stevens@mortgagefamily.com
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