NAR, FHA Work Together to Help More Buyers Become Homeowners

RISMEDIA, Sept. 30, 2008-Late last week, the National Association of Realtors® was joined by Department of Housing and Urban Development Secretary Steve Preston as NAR launched its new Federal Housing Administration Toolkit. According to the Association, 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.

Also in attendance at the presentation were Illinois Association of Realtors® President Pat Callan and NAR Region 7 Vice President John Veneris.

For more information about recent changes to FHA programs, visit the FHA Resources section of http://www.REALTOR.org.