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Description: Lately, stakeholders have come nearer to agreed on certain aspects of housing finance laws reform. But, many gaps still exist. A number of housing bill bills are pending in both houses of Congress and there is still deadlock on the taxation provision for house mortgage relief. Although, it is anticipated that at some stage, the enacted housing invoices will be voted out of committee and into the final home of Congress. There is a need therefore for the home sector to become well prepared for the changes that are to come.The House and Senate recently passed a Joint Resolution (JSR) proposing a number of changes in the FHA Home Loan Program that will ultimately affect the housing industry. The House has passed the joint resolution by a vote of 401-5; the Senate has not passed the exact same resolution. The Joint Resolution relies on altering the FHA's Home Affordable Program (HAP) by raising certain home features, reducing or eliminating unnecessary penalties, and loan restructuring programs. The upgraded home characteristics will, if passed on, affect the home fund activities of FHA insured borrowers.The most publicized feature of the Joint Resolution is the provision that will allow FHA insured homeowners who use a manufactured home or a Yurt to be treated like other residential properties. Many housing experts think that this shift, if it is passed, will create the loss of several manufactured homes and manufactured home owners to the FHA. Although, this concern hasn't been addressed yet. For now, homeowners that use a Yurt or a manufactured dwelling which is subject to the MMCAD program can keep on using their houses as they are in those applications.The second proposed change is to increase the maximum loan amount for first time home buyers and decrease the fee for adjustable rate mortgages or ARMs. Currently, there is no limit on the amount that can be borrowed and there's absolutely no cap on the interest rate. Manufactured housing investors have a difficulty when rates rise because this directly decreases the liquidity of the investment. ARM's were developed to be an easy, low cost method for families to own residential property. When housing prices fall, so does the value of ARM's; hence, they are not a good investment.The third proposed change would be to allow FHA Guaranteed Loans to add unconventional residential loans like those from credit unions, co-ops and small lending institutions. Currently, FHA does not make any agreements with these lenders and doesn't accept Guaranteed Loans. There are about thirteen distinct co-ops and credit unions with Secured Loan programs. 대구오피 These businesses provide a variety of different housing finance options for homeowners.The fourth change is to remove the current revenue verification procedure and replace it with an automated income verification system that is readily available for FHA guaranteed borrowers. Presently, the income verification is utilized to make certain that the application is consistent with the specific consumer criteria of the Housing Finance System. This is also used to ascertain whether or not a borrower can qualify for the mortgage according to their existing earnings and employment.The last step in this analysis is to examine the credit risk of each guarantor. The present guidelines allow FHA guaranteed borrowers to borrow cash from all mortgage guarantors, including commercial property creditors, unless otherwise stated. According to the recent guidelines, the three most credit risk groups are the high risk, medium risk, and the low risk. The criteria for each credit risk category are based on the present financial and creditworthiness of each guarantor's credit and business history.As we've observed, the present guidelines are insufficient in regulating the actions of mortgage guarantors. To effectively navigate the present mortgage guarantor marketplace, it's important for mortgage agents and brokers to understand the various differences in the credit risk classes and how these differences relate to the different programs offered by the different guarantors. Mortgage brokers and brokers need to get an understanding of how to assess the creditworthiness of mortgage guarantors and then build an application bundle which best matches the needs of the borrower and the current real estate market. Having an understanding of the present mortgage guarantor guidelines can help mortgage brokers and agents make sound lending decisions during the current poor economic times.