By early April, Congress is likely to finalize negotiations on a bill that would expand the reach of the Federal Housing Administration. The purpose of the legislation is to provide safe loan alternatives to [tag]subprime mortgages[/tag] and make homeownership more accessible.

Different versions of the FHA modernization bill passed in the House and the Senate last year, and both Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Chairman Barney Frank, D-Mass., said last week that the differences between the chambers could be resolved in short order.

The FHA program is intended for mortgage borrowers with weak credit or little or no cash who may not be able to otherwise get an affordable mortgage.

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