Out from Federal Housing Administration headquarters in Washington went a new directive to spur housing by drastically revising credit policies for buyers of houses with FHA-insured mortgages. The new policies are expected to double the number of potential purchasers of houses costing $15,000, while trebling the market for $20,000 homes. Said George Goodyear, president of the National Association of Home Builders: "This is good news for every builder. It removes one of the worst obstacles we have had to face."
In the past, local FHA offices normally considered that a prospective home buyer could afford to spend only about $1,000...
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