Monday, December 17, 2007

FHA Loan Limit Increase Passes the Senate

On Friday, December 14, 2007, the U.S. Senate voted 93 to 1 to pass S. 2338, the FHA Modernization Act, which will reform the Federal Housing Administration (FHA). A conference committee will now meet to resolve differences between this bill and the one passed by the House of Representatives earlier this year.

This is a huge victory for REALTORS® who have lobbied Congress aggressively all year to pass FHA reform and provide troubled homeowners with safe and affordable refinancing options. It will also be a huge victory for homeowners and potential homeowners in the future if the bill gets signed into law.

While the issue of FHA reform enjoys broad bipartisan support, including the administration, there are still a number of details to be worked out between the Senate FHA reform bill and the House passed version.

I'll keep you informed as I learn more.



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