FHA Reduces Single-Family Mortgage Insurance Requirements

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,...
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