Homeownership month continues
By admin | June 19, 2007
“Promotion and Protecting Homeownership” is this year’s theme for National Homeownership month which is taking place this month. The theme is focusing on first-time home buying as well as informing current homeowners and potential homeowners about the responsibility that comes with being a homeowner. This month’s theme will also encourage individuals to read the “fine print” of their mortgage papers.
The Department of Housing and Urban Development has been around since 1934 and has been available to help individuals who may otherwise not be granted a competitive mortgage and a chance for ownership. The Department has helped over 34 million families since its inception. As of late, the FHA loan has fallen out of favor with the American populous for that of the subprime market. With the current rate of foreclosures and defaulting, the shift towards modernizing the current the FHA system is in high demand.
The goal of the Homeownership month is to shift funding in the department towards educating Americans in the ways to obtain the American Dream of homeownership. Over 70 percent of Americans are homeowners with a growing number of minority families. With the legislation passing through the chambers of Congress the modernization seems to be coming to fruition. With the passage of the FHA Modernization Act, the amount of homeowners who will actually be able to afford their payments will most likely increase.
The American Dream may seem just like that, the American Dream. Education is key to a successful homeowner and this month of Homeownership is sure to educate everyone in the ways of responsible homeownership.
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