Today, the White House released a series of announcements aimed at expanding access to homeownership and helping homeowners struggling financially to remain in their homes. Some of the items in the announcement represent immediate changes to federal programs, while others are the administration’s commitments to further examine policies and requests for legislators to enact items the President proposed in his budget submitted to Congress in March of this year.
Specifically, the White House calls on Congress to act on the President’s budget proposals that would create a federal down payment assistance program and build and rehabilitate homes already on the market. The rollout of these policy initiatives also follows up on actions taken throughout the President’s term that expand access to homeownership, including a reduction in the Federal Housing Administration’s (FHA) mortgage insurance premium and the use of positive rental payments in the absence of detailed credit histories, both of which are issues championed by the National Association of REALTORS® (NAR).
The President’s announcement includes several positive policy updates the administration is taking or planning to accomplish in the near future. Specifically, this includes:
NAR appreciates the administration’s continued efforts to address homeownership access and increase the housing supply. We will continue to work with the administration and respective federal agencies to ensure that responsible homeownership and the housing inventory remain a top priority.
Read the President’s full statement.
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