NAR, FHA Work Together to Help More Buyers Become Homeowners
The National Association of
Realtors® was joined by Department of Housing and Urban Development Secretary
Steve Preston today as NAR launched its new Federal Housing Administration
Toolkit. Realtors® can use the toolkit to help buyers obtain safe and
affordable FHA-backed mortgages.
“As the leading advocate
for homeownership, NAR is pleased to have a long-established working
relationship with HUD and FHA,” said Pat V. Combs, NAR immediate past
president. “The new toolkit will help Realtors® educate consumers about FHA
updates and changes and the great benefits of using these programs.”
FHA loans offer low down
payments, competitive interest rates, and greater flexibility than most
conventional mortgages. In addition, the Housing and Economic Recovery Act of
2008 made increased FHA loan limits permanent, allowing more buyers in
high-cost areas to obtain FHA-backed mortgages.
“FHA offers a safe
alternative to many of the subprime and exotic loans that caused much of
today’s market turmoil, and the program is easier to use than ever before,”
Combs said. “Recent revisions to the FHA program will enable more families to
achieve their dreams of homeownership, and will allow others to refinance their
mortgage at terms that will allow them to keep their home.”
The FHA Toolkit includes a
video of frequently asked questions, a flash media presentation of FHA
programs, brochures and other reference guides and links to other useful resources.
For more information about recent changes to FHA programs, visit the FHA Resources section of www.REALTOR.org.
Also in attendance at
today’s presentation was Illinois Association of
Realtors® President Pat Callan and NAR Region 7 Vice
President John Veneris.
The National Association of
Realtors®, “The Voice for Real Estate,” is
Copyright National Association of RELATORS®, Reprinted
with permission