Changes are coming to FHA loans. Do you think it would be wise for Home buyers to use the FHA loans?
By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices California Properties)
Changes are coming to FHA loans (Federal Housing Administration Loans).Let me ask you: Do you think it would be wise for Home buyers to use the FHA loans? Congress is expected to approve House Resolution 5072 or better known as the FHA Reform Act of 2010. Many lenders of the mortgage finance industry are concerned that HR 5072 part of the provision of this law is geared towards, cracking down on lenders who are approved by FHA. These lenders are concerned that the law would do more harm than good. What are your thoughts? I am all for regulations if they benefit the Real Estate in a responsible way. I am not for regulation for the sake of regulation. I am concerned that the buyers who use FHA have generally lower FICO scores (credit scores), less financial means to save up to 20% for a...
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