Support for FHA Home Loan Reforms; More Florida Home Loan Opportunities will Abound

As the housing market takes a slight downturn, many options are being considered to open up the door for affordable home loans across the nation. One of them has been a proposal to reform FHA guidelines. A positive step was taken in this direction recently.

In written testimony submitted to the House Financial Services Committee, Subcommittee on Housing and Community Opportunity, the National Association of Realtors expressed enthusiastic support for these initatives. The idea behind them is to provide more Americans with a chance to down a house via an FHA home loan.

The NAR believes that these enhancements, 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 Florida home loans to better serve today’s housing market.

“NAR gladly stands ready to work with HUD Secretary Alphonso Jackson and FHA Commissioner Brian Montgomery to help make the reforms a reality,” said 2006 NAR President Thomas M. Stevens, senior vice president of NRT Inc., from Vienna, Va.

If enacted, the reforms would provide Realtors the necessary tools to work with hundreds of thousands of additional families each year to become homeowners. This is encouraging news for those hoping to track down an affordable, reasonable Florida home loan in the near future.