FHA Reduces Single-Family Mortgage Insurance Requirements

Law360, New York (February 05, 2013, 5:16 PM ET) -- The Federal Housing Administration on Tuesday said it is reducing the number of inspection and home warranty requirements for its single-family mortgage insurance program, finding the regulations unnecessary because of more reliable certification systems and building codes.

Under the proposed rule, which is expected to save homeowners $30 million, 10-year protection plans will no longer be necessary to quality for a high loan-to-value mortgage for a newly constructed home. The FHA will also stop forcing homeowners to select their home inspector from an official administration roster,...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required