FHA revamp moving through Congress

Keep an eye on the Expanding American Home Ownership Act of 2006 (HR 5121) which overwhelmingly passed the House before its recess at the end of July. The measure would allow the FHA to offer zero-down-payment loans, increase permissable mortgage amounts, and includes various consumer protections such as no prepayment penalties on mortgages and loss mitigation programs for borrowers who get behind. Here's HUD's press release.