Daily News and Information for the Mortgage Loan Originator
FHA Expands Outreach To First Time and Minority Homebuyers
Wednesday, August 23, 2006
- FHA
WASHINGTON, D.C. – The Department of Housing and Urban Development’s Federal Housing Administration (FHA) is expanding outreach to first time and minority homebuyers by launching a newspaper-based ad campaign in 27 markets nationwide. The objective of the outreach campaign is to increase awareness of the quality and affordability of FHA products and services to low and moderate income, first time, and minority homebuyers. The campaign also focuses on the dangers of predatory lending and the protective nature of FHA products.
FHA was created in 1934 to give homebuyers access to reasonably priced mortgages under fair terms. Over the years, it has helped more than 34 million families become homeowners. This campaign is part of HUD’s continuing effort to meet the President’s challenge to create 5.5 million new minority homeowners by the end of the decade. Since the challenge was initiated in June 2002, more than 2.7 million minority families have joined the ranks of homeowners.
“We want to spread the word that FHA mortgages are a safe, viable option for first-time homebuyers, ” said Federal Housing Commissioner Brian D. Montgomery. “Since the homeownership rate for minorities lags behind the average homeownership rate, we are trying to reach as many minorities as possible in this campaign.”
The 27 markets where the ads will run include: Baltimore, MD; Birmingham, AL; Boise, ID; Charlotte-Gastonia-Rock Hill, NC; Cleveland, OH; Dallas, TX; Dayton, OH; Des Moines, IA; Grand Rapids, MI; Greenville-Spartanburg, SC; Hartford, CT; Jacksonville, FL; Kansas City, MO; Las Vegas, NV; Little Rock, AR; McAllen, TX; Nashville, TN; Newark, NJ; New Orleans, LA; Phoenix, AR; Pittsburgh, PA; Portland, OR; Richmond, VA; Riverside-San Bernardino, CA; Salt Lake City, UT; San Juan, PR and Tulsa, OK.
Related
Articles :
Lender To Pay $500,000 for Minority Discrimination The U.S. Department of Housing and Urban Development announced that it has negotiated a settlement for $500,000 with SouthStar Funding LLC, to resolve allegations of discrimination against African Americans and Hispanics in mortgage lending.
Many Illegal Immigrants Becoming Homeowners With Legal Mortgages For many illegal immigrants the decision to buy a home in the United States is easy. While it's illegal to hire undocumented workers, there's nothing wrong with lending them money. In fact, federal and state governments are subtly encouraging banks to issue home mortgages to illegal immigrants through little-known individual tax numbers.
