Act may spell relief for homebuyers.(HM Open House)

The Register-Guard (Eugene, OR) | January 12, 2008 | Copyright

Byline: Jim Woodard Copley News Service

The FHA Modernization Act has been approved by Congress. After a bit of fine-tuning by a conference committee, it will be ready for the president's signature. It will be the biggest overhaul of loans insured by FHA in many years, and will serve the needs of homebuyers and owners who want to refinance.

Those living in particularly high-priced areas will benefit most from the changes. The new law would either raise the FHA loan limit to $417,000, the current limit for conforming home loans, or the maximum could be tied ...

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