HUD, Realtors Launch FHA Tool Kit for Homebuyers
CHICAGO -- The National Association of Realtors and the Department of Housing and Urban Development have launched a Federal Housing Administration tool kit. The tool kit includes a video of frequently asked questions, a flash media presentation of FHA programs, brochures and other reference guides and links to other useful resources.
Realtors can use the tool kit to help buyers obtain FHA-backed mortgages.
"FHA offers a safe alternative to many of the subprime and exotic loans that caused much of today's market turmoil, and the program is easier to use than ever before," Pat V. Combs, NAR immediate past president said. "Recent revisions to the FHA program will enable more families to achieve their dreams of homeownership and will allow others to refinance their mortgage at terms that will allow them to keep their home."
FHA loan limits were increased under the Housing and Economic Recovery Act of 2008 signed into law in July, allowing buyers in high-cost areas such as California to obtain FHA-backed mortgages.
According to HUD, 123 of the nation's 8,136 credit unions are FHA-approved.