The Great White North
By admin | July 1, 2008
An agreement between the FHA and the Minnesota Housing Finance Agency was annouced today which is the first of its kind. The agreement is to promote affordable government-backed mortgages.
“For many years, people in the industry and in state government have expressed the need for a clear, mutually-agreed upon memorandum of understanding between FHA and states for the financing of single family properties,” said HUD’s Assistant Secretary for Housing-Federal Housing Commissioner Brian D. Montgomery. “This MOU will help people in need right now by harmonizing the work of FHA and the Minnesota Housing Finance Agency (HFA), and by making FHA loans more available to those who qualify for them.”
There is still a significant increase in FHA business throughout Minnesota as in the first quarter of 2008 there was an increase of 126 percent participation.
Visit Insightnews.com to learn more about this groundbreaking event.
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