Recently HUD announced that the entire month of June is National Home Ownership Month and will take special efforts throughout the month to raise awareness of how, “home ownership enhances lives and contributes to thriving communities we call home”.
According the their press release, several things have changed in the eight years of the Obama Administration. “…the nation’s housing market was in free-fall, unemployment was rising and many families were left feeling trapped and anxious about their mortgages. He immediately took action to address these issues and protect the middle class. The steps he took helped millions of Americans stay in their homes and save money on their mortgages”.
HUD Secretary, Julian Castro said, “Homeownership Month is a good time to reflect on the progress the Obama Administration has made to ensure that owning a home is always within the grasp of the average American family. A home is the place where we raise our children, establish roots in a community and plan our future.” he then went on to say, “The opportunity to be a homeowner should be open to those ready and able to buy a home. As the housing market continues its recovery, we must ensure that responsible homeowners have access to credit to make their dreams of homeownership a reality.”
HUD specifies to loan applicants that the FHA single family loan program has been changed and improved drastically over the years. In recent times several adjustments to a few areas of the FHA loan program have made it more advantageous for borrowers to apply.
According to the press release, “In January 2015, FHA lowered its mortgage insurance premiums (MIP) because too many families were priced out of homeownership. As of March 31, 2016, FHA has endorsed approximately 1.3 million loans under the new reduced MIP. This price reduction is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home.”
Throughout Home Ownership Month, HUD plans to host Twitter chats to converse about important topics surrounding homeownership and FHA. You can follow these chats with #OwntheDream. Topics will include areas such as housing counseling, preparing for FHA loans, the application process, and being ready for home ownership.
If you would like to know more about FHA loans or are seeking other advice regarding mortgages, contact our Joplin, MO offices today to see how we can help make your dreams of homeownership a reality.