Nar Supports Proposed Federal Housing Administration Reforms

U.S. Newswire › April 05, 2006

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Summary

WASHINGTON, April 5 /U.S. Newswire/ -- In written testimony submitted today to the House Financial Services Committee, Subcommittee on Housing and Community Opportunity, the National Association of Realtors(r) expressed enthusiastic support for proposed FHA reforms, which will enhance the opportunity for more Americans to own a home.

The reforms submitted today by the U.S. Department of Housing and Urban Development to the House Financial Services Subcommittee on Housing and Community Opportunities will lead to the most significant FHA actions in more than 15 years. NAR believes that FHA reforms, such as extending the term of mortgages to 40 years, eliminating the statutory 3 percent down payment, and increasing FHA's limits in high costs areas to the 2006 conforming loan limit will allow FHA loans to better serve today's housing market.

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Nar Supports Proposed Federal Housing Administration Reforms

"NAR gladly stands ready to work with HUD Secretary Alphonso Jac...

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