NAR, HUD Partner to Help More Consumers Become HomeownersPosted By: Brad Martin Fri Nov 10, 4:17 PM ET document.write(''); if (window.yzq_a == null) document.write("");if (window.yzq_a) { yzq_a('p', 'P=Ux263ELaS.YMQXyswoK9twRgSDRIwkVWBVMADKbB&T=1goh4l9g7%2fX%3d1163265364%2fE%3d82389257%2fR%3dnews%2fK%3d5%2fV%3d1.1%2fW%3d8%2fY%3dYAHOO%2fF%3d3020314752%2fH%3dY2FjaGVoaW50PSJuZXdzIiBjb250ZW50PSJlZHVjYXRpb247TW9ydGdhZ2VzO01vcnRnYWdlO3JlYWwgZXN0YXRlO21vcnRnYWdlO3ZpY2UgIHByZXNpZGVudDtIb3VzaW5nO3JlYWx0b3I7aG9tZSBidXlpbmc7bW9ydGdhZ2VzO2l0O2hvbWU7Y3JlZGl0O2ludGVyZXN0IHJhdGVzO0ZIQSAgbW9ydGdhZ2U7Y2hhcml0eTtnb3Zlcm5tZW50O3ByaWNlO2NyZWRpdCBoaXN0b3J5O2NyZWRpdCAgaGlzdG9yeTtmaW5hbmNlO0FtZXJpY2E7RkhBIG1vcnRnYWdlO2luc3VyYW5jZTtoZWxwO1JlYWwgIEVzdGF0ZTsiIHJlZnVybD0iIiB0b3BpY3M9IiI-%2fS%3d1%2fJ%3dAFA949D1'); yzq_a('a', '&U=1395skhig%2fN%3dU0myBELaSs8-%2fC%3d362530.8484564.9776577.1442997%2fD%3dLREC%2fB%3d3853920'); } To: National Desk Contact: Stephanie Singer of the National Association of Realtors, 202-383-1050 or ssinger@realtors.org NEW ORLEANS, Nov. 10 /U.S. Newswire/ -- The National Association of Realtors and the U.S. Department of Housing and Urban Development (HUD) have announced a joint consumer education initiative highlighted by a new brochure, FHA Improvements Benefit You: FHA Insured Mortgages. The brochure is the third in NAR's Shopping for a Mortgage consumer education brochure series, and the first in partnership with HUD. The announcement came during the 2006 Realtors Conference & Expo here through Nov. 13. About 30,000 realtors and guests are expected to attend the conference, which opened yesterday. "As the first point of contact in the real estate transaction, realtors are often called upon to guide homebuyers through the maze of today's mortgage resources and options," said Thomas M. Stevens, NAR president from Vienna, Va., and senior vice president of NRT Inc. "Since 1934, the Federal Housing Administration has helped more than 34 million families become homeowners, and in many cases, a realtor was by their side. Offering consumer education on all aspects of home buying, selling and ownership is just one more way realtors add value to the real estate transaction." HUD Secretary Alphonso Jackson said, "The National Association of Realtors should be commended for their efforts to educate consumers about FHA programs that can greatly benefit them. NAR is a great partner in this public education effort. We look forward to continuing to work together to promote homeownership." In recent years, constraints on FHA-insured mortgages, coupled with the competitive seller's market in many areas of the country, often made it difficult for buyers to purchase a home with FHA products. Because FHA-insured mortgages are available to consumers with less-than-perfect credit, don't require large down payments, and offer interest rates lower than subprime and other non-prime mortgages, they appeal particularly to first-time buyers who might not otherwise be able to afford a home. The new brochure describes recent improvements to the FHA mortgage application process and efforts to make the program more user-friendly. These include: -- Eliminating the gift restriction on down payments. Now a buyer's entire down payment can be a gift from a family member, employer, charity or local government entity. -- Allowing the seller to contribute as much as 6 percent of the home's price toward closing costs. This helps buyers who may have limited cash on hand to complete the purchase. -- Giving buyers who don't have a credit history the opportunity for home ownership. An applicant cannot be turned down for an FHA-insured mortgage based solely on lack of credit history. Consumers may be pleased to learn that FHA offers other programs to encourage homeownership, including adjustable-rate mortgage products and the Limited Repair Program, in which buyers can finance up to $35,000 for minor remodeling after closing. These programs are also described in the brochure. "As America's leading advocate for homeownership, NAR is a strong supporter of the FHA mortgage-insurance program, and we will continue to lobby Congress for policy enhancements to meet the changing universe of the mortgage marketplace," said Stevens. "By taking steps today to ensure the ongoing viability of FHA's programs, we set a solid foundation for the future of homeownership in our country." FHA Improvements Benefit You: FHA Insured Mortgages is available through FHA homeownership centers across the country and is being distributed to realtors at the FHA booth in the exhibit hall at the Realtors Conference & Expo. To locate an FHA homeownership center, visit http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm To access the brochure online, visit http://www.realtor.org/housopp.nsf/pages/mortgages?OpenDocument Learn how a single mom in bankruptcy became a first-time homeowner with the help of an FHA-insured mortgage and a realtor. Read the story online at http://www.realtor.org/rmomag.NSF/pages/feature2jun06?OpenDocumen t#Tralina The National Association of Realtors, "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. ------
The information reported above is property of Yahoo! inc. and reprinted or modified with legitimate permission. |
Cool Sites |