In Order for our Housing to Rebound, FHA Will Need to Step-Up!!
FHA, Federal Housing Administration, has been the principal blood-line for mortgage financing to millions of households nationwide. In one of the latest News Releases with the NAR (National Association of Realtors), FHA would play a key role in bringing stability in the housing market. The News Release also stated that without FHA Financing, most borrowers would not be able to obtain a mortgage which would hurt the communities, as they would see an increase in foreclosures.
With the massive changes in our economy, FHA has done quite a good job but still needs to step-up in order to continue its success our nation needs for the Housing Market!! FHA has increased its market share to more the 30%, being in the last 18 months they had to handle volume 4 times its 2007 levels.
In order for FHA to have continued success, it was noted that they would need to promote the $8,000.00 1st Time Buyer Tax Credit and to allow them to put that towards the down payment. Also, they need to increase their personnel and promote the changes in technology. FHA has done a great job in maintaining the vast changes our market has endured in the last few years and with a combined effort to implement changes, we should see a colossal rebound in the Housing Market!!
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