(SACRAMENTO) â the Assembly Housing & Community Development Committee approved Assembly Joint Resolution (AJR) 4 by Assemblywoman Sharon Quirk-Silva (D-Orange County) and Assemblymember Sabrina Cervantes (D-Corona). AJR 4 calls upon the President of the United States to save California homeowners hundreds of dollars per year in mortgage fees by reinstating an Obama-era Federal Housing Administration (FHA) rule.
âFuture California homeowners should be provided every opportunity to make their dream a reality. We must cut mortgage fees, and increase the quality of life for California,â said Assemblywoman Quirk-Silva âSo that hardworking families, veterans, seniors, and first-time homeowners have an affordable place to call their home.â
âHome ownership is fundamental to the prosperity of our middle class,â said Assemblymember Cervantes. âWe as legislators should do everything we can to support Californians who want to buy their own homes.â
In 2016, FHA issued a rule that would have cut fees for many low-income and first-time home buyers using FHA-backed mortgage loan insurance by 0.25 percent. FHA-backed insurance is popular with many low-income and first-time homebuyers. One of the first acts made by the President upon taking office in January was to rescind that rule. Had it not been rescinded, the rule would have saved eligible California homeowners an average of $860 per year.
AJR 4 will next be sent to the Assembly Floor for consideration by the full State Assembly. Click here to see the text of the resolution.
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Assemblywoman Sharon Quirk represents the 65th Assembly District, which includes the Orange County communities of Anaheim, Buena Park, Cypress, Fullerton, Garden Grove, La Palma, and Stanton.