Law360, New York (February 5, 2013, 5:16 PM EST) -- 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, opening the jobs up to all certified professionals.
"Since the promulgation of these regulations, the...
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