A bill is already in Congress, the FHA Taxpayer Protection Act, that would raise the FHA down payment from 3.5% to 5% of the purchase price. Now there are hearings to see if the Federal Housing Administration needs to make it more difficult to get a mortgage. Right now, nationally, 30% of homes are purchase with FHA loans, and it is a very important program for minority and first time buyers. In Portland so many of the homes bought in the last year or so have been with FHA financing, it was surprising to run into a deal that didn't have it. Many Representatives and Senators do not know how important FHA loans are, not just to the real estate market, but to people that would like to buy a home. The regulations are already very restrictive on the health and safety of a property, so as to protect the buyer, to tighten it up even more would prevent so many people from getting into their own home.
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