FHA’s Authority Raised to $400 Billion

The Senate has passed an appropriations bill that gives FHA the authority to insure up to $400 Billion in mortgages for the fiscal year of 2010.  FHA is currently on pace to insure $335 Billion for their 2009 fiscal year that ends September 30.

FHA’s popularity has increased tremendously over the past 2 years (although it should be noted that it was at an all time low during the subprime era).  Offering the lowest down payments and m0st consistent underwriting guidelines has helped with the resurgence.

-Matt Cady