CHICAGO — The National Association of Realtors and theDepartment of Housing and Urban Development have launched a FederalHousing Administration tool kit. The tool kit includes a video offrequently asked questions, a flash media presentation of FHAprograms, brochures and other reference guides and links to otheruseful resources.
|Realtors can use the tool kit to help buyers obtain FHA-backedmortgages.
|“FHA offers a safe alternative to many of the subprime andexotic loans that caused much of today's market turmoil, and theprogram is easier to use than ever before,” Pat V. Combs, NARimmediate past president said. “Recent revisions to the FHA programwill enable more families to achieve their dreams of homeownershipand will allow others to refinance their mortgage at terms thatwill allow them to keep their home.”
|FHA loan limits were increased under the Housing and EconomicRecovery Act of 2008 signed into law in July, allowing buyers inhigh-cost areas such as California to obtain FHA-backedmortgages.
|According to HUD, 123 of the nation's 8,136 credit unions areFHA-approved.
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