Summary
On May 23, Judy Biggert (R-IL), chair of the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity, released a discussion draft of the “FHA-Rural Regulatory Improvement Act of 2011."
The draft legislation increases the FHA minimum down payment requirement to 5 percent from 3.5 percent, establishes new FHA single-family maximum mortgage limits in a manner that will reduce them in many areas, and transfers all RHS programs and personnel from USDA to HUD.
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