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.