GINNIE MAE APPLAUDS FAR-REACHING PROPOSAL TO MODERNIZE THE FEDERAL HOUSING ADMINISTRATION: "Specifically, the FHA Modernization Act would create a new risk-based insurance premium structure that would match the premium amount with the credit profile of the borrower and eliminate the current three percent down payment requirement. The new program would offer a variety of down payment options, allowing the borrower to put down two percent or less. Increase and simplify FHA's current loan limits, allowing FHA to raise loan limits in high-cost areas. In many areas of the country, FHA has been priced out of the market. "
Wednesday, April 19, 2006
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