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GOP Pushes Higher FHA Down Payments, Housing Industry Pushes Back
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
GOP Pushes Higher FHA Down Payments, Housing Industry Pushes Back
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
GOP Pushes Higher FHA Down Payments, Housing Industry Pushes Back

May 27, 2011 (Chris Moore)

House Republicans in the Financial Services Committee have drafted a bill that would raise the minimum down payment requirements on mortgage loans insured with the Federal Housing Administration (FHA) from 3.5 percent to 5 percent and one industry giant is pushing back.

The bill would also decrease the maximum size of FHA-backed loans that had been raised in the most expensive areas of the country from $729,750 down to $625,500. The draft bill also calls for a reduction in maximum loan size in less expensive areas of the country, which currently is set at $417,000, down to $271,050.

The proposal has yet to be introduced in legislative form and like all the other housing reform bills that have originated from the House, it probably wouldn’t have a chance in the Democrat controlled Senate, but that hasn’t stopped the housing industry from expressing its displeasure.

In a recent press release, the National Association of Home Builders (NAHB) expressed its concerns that increasing the down payment requirement would create a substantial burden for all American home buyers, especially those who use FHA backed loans the most, young buyers and those with strong credit profiles but who lack the necessary finds to make a higher down payment.

“Research has shown that requiring a higher down payment does little to reduce risk of default but causes home buyers to use more of their reserves for the down payment,” said NAHB First Vice Chairman Barry Rutenberg. “Sound underwriting is the key to minimizing foreclosures and defaults, not higher down payments. This is demonstrated by current FHA foreclosure reports on loans made to borrowers with sound credit profiles, which have significantly improved.”

NAHB also feels that reducing loan limits would place further downward pressure on home prices and impair the ability of borrowers to use FHA-backed mortgage to purchase new homes. FHA high cost area loan limits are already scheduled to be reduced to $625,500 on October 1, 2011.

Instead, NAHB supports H.R. 1754, the Preserving Equal Access to Mortgage Finance Programs Act, a bipartisan measure sponsored by Reps. Gary Miller (R-Calif.) and Brad Sherman (D-Calif.) which would keep FHA loan limits at current levels.

Tags: GOP, draft bill, down payment requirement, loan limits, FHA, FHA-backed loans, NAHB, borrowers

Source:
NAHB

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 27, 2011 (Chris Moore)

House Republicans in the Financial Services Committee have drafted a bill that would raise the minimum down payment requirements on mortgage loans insured with the Federal Housing Administration (FHA) from 3.5 percent to 5 percent and one industry giant is pushing back.

The bill would also decrease the maximum size of FHA-backed loans that had been raised in the most expensive areas of the country from $729,750 down to $625,500. The draft bill also calls for a reduction in maximum loan size in less expensive areas of the country, which currently is set at $417,000, down to $271,050.

The proposal has yet to be introduced in legislative form and like all the other housing reform bills that have originated from the House, it probably wouldn’t have a chance in the Democrat controlled Senate, but that hasn’t stopped the housing industry from expressing its displeasure.

In a recent press release, the National Association of Home Builders (NAHB) expressed its concerns that increasing the down payment requirement would create a substantial burden for all American home buyers, especially those who use FHA backed loans the most, young buyers and those with strong credit profiles but who lack the necessary finds to make a higher down payment.

“Research has shown that requiring a higher down payment does little to reduce risk of default but causes home buyers to use more of their reserves for the down payment,” said NAHB First Vice Chairman Barry Rutenberg. “Sound underwriting is the key to minimizing foreclosures and defaults, not higher down payments. This is demonstrated by current FHA foreclosure reports on loans made to borrowers with sound credit profiles, which have significantly improved.”

NAHB also feels that reducing loan limits would place further downward pressure on home prices and impair the ability of borrowers to use FHA-backed mortgage to purchase new homes. FHA high cost area loan limits are already scheduled to be reduced to $625,500 on October 1, 2011.

Instead, NAHB supports H.R. 1754, the Preserving Equal Access to Mortgage Finance Programs Act, a bipartisan measure sponsored by Reps. Gary Miller (R-Calif.) and Brad Sherman (D-Calif.) which would keep FHA loan limits at current levels.

Tags: GOP, draft bill, down payment requirement, loan limits, FHA, FHA-backed loans, NAHB, borrowers

Source:
NAHB

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 27, 2011 (Chris Moore)

House Republicans in the Financial Services Committee have drafted a bill that would raise the minimum down payment requirements on mortgage loans insured with the Federal Housing Administration (FHA) from 3.5 percent to 5 percent and one industry giant is pushing back.

The bill would also decrease the maximum size of FHA-backed loans that had been raised in the most expensive areas of the country from $729,750 down to $625,500. The draft bill also calls for a reduction in maximum loan size in less expensive areas of the country, which currently is set at $417,000, down to $271,050.

The proposal has yet to be introduced in legislative form and like all the other housing reform bills that have originated from the House, it probably wouldn’t have a chance in the Democrat controlled Senate, but that hasn’t stopped the housing industry from expressing its displeasure.

In a recent press release, the National Association of Home Builders (NAHB) expressed its concerns that increasing the down payment requirement would create a substantial burden for all American home buyers, especially those who use FHA backed loans the most, young buyers and those with strong credit profiles but who lack the necessary finds to make a higher down payment.

“Research has shown that requiring a higher down payment does little to reduce risk of default but causes home buyers to use more of their reserves for the down payment,” said NAHB First Vice Chairman Barry Rutenberg. “Sound underwriting is the key to minimizing foreclosures and defaults, not higher down payments. This is demonstrated by current FHA foreclosure reports on loans made to borrowers with sound credit profiles, which have significantly improved.”

NAHB also feels that reducing loan limits would place further downward pressure on home prices and impair the ability of borrowers to use FHA-backed mortgage to purchase new homes. FHA high cost area loan limits are already scheduled to be reduced to $625,500 on October 1, 2011.

Instead, NAHB supports H.R. 1754, the Preserving Equal Access to Mortgage Finance Programs Act, a bipartisan measure sponsored by Reps. Gary Miller (R-Calif.) and Brad Sherman (D-Calif.) which would keep FHA loan limits at current levels.

Tags: GOP, draft bill, down payment requirement, loan limits, FHA, FHA-backed loans, NAHB, borrowers

Source:
NAHB

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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