HUD Secretary Advocates for Lower Down Payments on FHA Mortgages
February 28, 2008
HUD Secretary Alphonso Jackson recently sent a letter to Congress, urging them to approve lower down payments on FHA-insured loans. FHAloanpros.com explains:
“Specifically, Mr. Jackson advocated for, among other things, “flexible down payment options.” HUD clarified “flexible down payment options” to mean cutting in half the current FHA down payment requirement of 3% to 1.5%.”
There’s no guarantee that a bill like this will pass. However, if it does it could make it extremely easy for homebuyers to purchase HUD homes for sale.
See Also: HUD Foreclosure Guide
Comments
Got something to say?