NAR is running a print ad in today’s editions of the National Journal Daily and Roll Call publications supporting changes that are vital to the solvency and strength of the FHA fund and warning that actions to deliberately lower FHA’s market share could reduce the availability and affordability of mortgages. The ad is designed to educate members of Congress and Congressional staff about the importance of the FHA.
In recent years private lending has declined causing eligible borrowers to be denied credit thus increasing the need for a lower down-payment option. FHA loans are utilized by 78% of first-time homebuyers and a lowering of the FHA market share could destabilize the delicate real estate recovery. Since its inception in 1934, the FHA has provided stability and liquidity in the market. The creation of the FHA furthered 30 year fixed rate mortgages and led to standardized mortagages.
Would a change to the FHA have an impact on your business?