Sorry for such a long layoff
By admin | July 17, 2007
The dream of homeownership is one that every American shares. Modernizing programs to expand homeownership is shared by nearly 80 percent of Americans as well. These Americans believe that the legislation currently in Congress to modernize the FHA would be a safer and more affordable way for Americans to purchase a home rather a subprime loan.
Those surveyed were given a short description of the act itself and 77 percent of responders agreed that modernization is what the Housing and Urban Development’s FHA loan program is needed to help out those first time homeowners. These loans are designed to help middle to lower income families secure a home loan with little to no credit.
The FHA loan program, having just celebrated its 73rd birthday, has had little to no changes since then, much like a 73 year old. Many of the changes proposed could help out those where real estate prices are much higher than the loan limit allows for.
“Americans are in support of an FHA that could help even more first-time homebuyers and people with moderate incomes have access to safer mortgages. This survey demonstrates the urgent need for Congress to pass legislation that modernizes the FHA to help both promote and protect homeownership.”
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