|
The bill would also authorize $200 million annually to assist low- and moderate-income home buyers with downpayment and closing costs, providing grants of roughly $5,000 to an estimated 40,000 home buyers annually.
The legislation also contains a provision that could increase the use of the FHA’s hybrid adjustable rate mortgages. These loans have a fixed interest rate for an initial period that is typically three, five, seven or 10 years and then switch over to an adjustable rate, and they enable more families to qualify for a home loan because the initial interest rate is lower than the rate on a conventional 30-year, fixed-rate mortgage.
To read the legislation, click here, and enter S. 811 in the box at the upper left.
Make Your Connection With www.nahb.org
Make your connection to the latest housing industry news and information with www.nahb.org — the official public and members-only Web site of NAHB.
Log in today to register for educational seminars, meetings and networking events; find important economic and housing data; and learn the latest developments in NAHB’s efforts to promote housing. It’s all available to you 24 hours a day at www.nahb.org. Just click the "Member Log In" button to get started.
If you are a member and need information about NAHB products and services, use the NAHB Staff Contact Directory to look up the direct telephone extensions for NAHB staff experts.
| 
