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 NAR: FHA Reforms Would Open Doors to Homeownership for Millions of Hard-Working Families
26-5-2006
The National Association of Realtors(R) strongly supports the passage of the Federal Housing Administration reform package approved yesterday in a mark-up vote by the House Financial Services Committee led by Congressman Bob Ney (R- Ohio) and Congresswoman Maxine Waters (D-Calif.).
H.R. 5121, the Expanding American Homeownership Act of 2006, would raise FHA loan limits, eliminate restrictive down payment requirements, provide risk based mortgage insurance premium flexibility, and extend the possible terms of FHA loans from 30 years to 40 years. All of these changes will help make homeownership more attainable.
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