There’s no question that Americans need to make some tough choices about priorities. Changes in policies supporting home ownership potentially impact your own family and wallet as well as our recovering housing market and broader economy and the institution of home ownership – the American Dream itself – for generations to come. It remains to be seen how Americans feel about preserving policies that support and encourage home ownership.
One of the ways our government keeps the economy on track is by influencing interest rates. Think of interest as the cost to borrow and use money. Lowering rates encourages people and businesses to borrow and spend, which helps grow jobs and the economy. Conversely, raising rates has the opposite effect, moderating growth and controlling inflation.
Before the Federal Housing Administration (FHA) was created in 1934, only folks with lot of cash — enough for at least a 50% percent down payment — could get a home loan.. Even then, they had to repay those loans in just a few years because before FHA, there was no such thing as a 30-year mortgage.
Your credit score comes from several pieces of information about you including whether you make payments on time and how much you spend. Nowadays just about everyone, from landlords to lenders, judges you based on your credit score.
Almost 70% of voters surveyed recently believe the home mortgage interest tax deduction shouldn’t be repealed as a way to cut the massive federal deficit, according to a national voter survey sponsored by the American Institute of Architects.
We all remember the “liar loans” and fraud uncovered in the mortgage business when the real estate bubble burst. To try to prevent that from happening again, Congress passed the Dodd-Frank Act in 2010.
Becoming a home owner is a significant event in most peoples’ lives. Despite this, many are unfamiliar with government programs that can help them become home owners. The Federal Housing Administration (FHA) is a division of the U.S. Department of Housing and Urban Development that sponsors many of these programs.
Have You Signed The Homeowner Bill of Rights?
It’s time to stand up and be counted! Did you know that homeowners pay between 80 and 90 percent of all federal income taxes? If you are a homeowner, show your support now for a Homeowner Bill of Rights. Sign it now!