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U S Senate Close to Agreement on Housing Compromise

Will we be ready for the onslaught of refinances this legislation could bring to the Boston real estate market?

Despite opposition from the Administration, it looks as though the Senate is going to hammer out an agreement to allow FHA to refinance “short” mortgages. And Senate Republicans are working with the White House to make sure the previous threat of veto is removed.

Along with the previously announced expansion of the FHA Secure refinance program that is effective on July 14, this is sure spark a refinance boom.  FHA is implementing Risk Based Pricing on the same date—so the world is changing very quickly. Are you ready to change with it?  Along with these action, it is possible the law will also carry a tax credit for citizens to purchase foreclosures, many of which will be financed with FHA and VA programs.  Keep an eye out for updates!