June 2, 2017
The HUD official site (www.HUD.gov) has announced that June is National Home Ownership Month. According to a HUD press release, June has been declared a time, “to reflect upon the impact owning a home has on household wealth, neighborhood stability and the nation’s broader economic health. The theme of National Homeownership Month 2017 is ‘Find Your Place in a New Era of Homeownership.'”
The press release also adds that HUD Secretary Ben Carson helped begin Homeownership Month, “by hosting an academic forum on the state of homeownership in the U.S. following the housing crisis, specifically the challenges Millennials face” as the generation enters the job and housing markets.
“After all we’ve been through, homeownership remains an American value and the cornerstone of our economy,” said Secretary Carson in the HUD press release. He adds, “Today, we recognize the abiding value of owning a home, and rededicate ourselves toward ensuring that every hardworking and credit-worthy American enjoys a fair chance at becoming a homeowner.”
The 2018 Budget, according to HUD, “continues to support homeownership through the Federal Housing Administration’s mortgage insurance programs” with nearly $400 billion in new loan guarantee authority. The HUD press release states that in the federal budget, there is a request for “$500 billion in new guarantee authority for Ginnie Mae, a part of HUD. Ginnie Mae makes affordable housing a reality for millions of low- and moderate-income households by channeling global capital into the nation’s housing markets.”
In addition to Ginnie Mae, house hunters can also explore their FHA loan options, including new purchase loans, refinance loans (cash-out and streamline) as well as FHA reverse mortgages (for qualified borrowers aged 62 or older).
During the month of June, the Department of Housing and Urban Development plans several events on social media. The press release encourages consumers to follow these events via #FindYourPlace on Twitter.
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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