J. Lennox Scott, member of NAR's Real Estate Advisory Board, testified before the Senate Appropriations Subcommittee on Transportation and Housing and Urban Development on the importance of the FHA mortgage insurance program. In his testimony Mr. Scott urged Congress to provide additional resources for FHA to increase its staffing and its investment in technology. He also urged FHA to allow the $8000 tax credit to be provided as an advance loan to be used for downpayment. The testimony also requested that the FHA loan limits be made permanent and that FHA implement the condominium changes that will ease purchasing a condominium with FHA insurance.
Copyright NATIONAL ASSOCIATION OF REALTORS®
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