NAR s FHA Toolkit

Document Sample
NAR s FHA Toolkit Powered By Docstoc
					NAR’s FHA Toolkit
In July 2007, the real estate market
changed. Due to the poor performance of
subprime mortgages, investors lost
confidence in the mortgages they were
purchasing. Since then, the financial
markets generally have been on a roller
coaster ride, oil prices are rising, and
nontraditional mortgage lending has
virtually disappeared. The cost of credit
has even been increasing for conventional
borrowers. The discontinued use of exotic
subprime mortgage products is not a
temporary phenomenon. “Stated income”
mortgage products are not returning to the
market. It is unlikely that lenders will offer
100 percent financing products.                  Included in the toolkit:

                                                • Video introduction by 2009 NAR President Charles
Where can a borrower with a low down              McMillan.
payment or less than perfect credit find an
affordable, safe mortgage? They can turn         • A video frequently asked questions segment, flash
                                                  media presentation on FHA Programs.
to mortgage products that are available
from the world’s largest insurer of             • Links to resources available on the Internet.
mortgages. Since 1934, the Federal
Housing Administration (FHA) has insured        • FHA brochure in both English and Spanish.
more than 35 million properties. FHA            • A booklet providing detailed information on the
products offer low down payments,                  various FHA products and who is best suited to use
competitive interest rates, and greater           each product.
flexibility than most conventional
                                                • A quick reference guide for REALTOR® members
mortgages. FHA is easier to use than ever         which provides easy access to the most commonly
before!                                           asked information from clients.

The FHA Toolkit is an interactive publication     The toolkit can be purchased at:
                                                  REALTOR.org/store
providing valuable information on the use
                                                  Or access the free on line version at:
of FHA for financing mortgages.                    REALTOR.org/NARHelpsYou




                                                                              Real Strength.
                                                                              Real Advantages.