The Pros and Cons of the Proposed 40-Year FHA  FHA borrowers are one step closer to being able to reduce their monthly payments by modifying their loan term to 40 years. In early April, the Department of Housing and Urban Development (HUD), which oversees the FHA, proposed a rule change to increase the maximum term for loan modifications from 30 to 40 years. The proposal will be open to public comment until May 31, 2022 before moving forward. Forty-year loans wouldn’t be available to new homeowners. The modification is designed to help current FHA borrowers … Continue reading...