Excerpt from an article on Searchlight Crusade website by Dan Melson ept 18, 2007
"House passes HR 1852. This raises the limit for FHA mortgages, appears to lower equity requirements (to less than zero) in certain circumstances, lowers their mortgage insurance ceiling. It also lowers the credit score minimum, and prohibits failures to pay from being reported to credit reporting agencies."
http://www.searchlightcrusade.net/2007/09/news-from-the-front-house-pass.html
My initial reaction to the "American Homeownership Act of 2007" is that it will help deserving homebuyers can now afford to purchase a home in California. After reading the above mentioned article, I see how others may have reservations about it. It passed the House but has only been introduced in the Senate on 9/19/2007. What do you think? You are more than welcome to post your comments on this subject.