I would like to take this opportunity to introduce you to my new monthly mortgage newsletter. I take pride in providing you with useful information that you will find helpful when making decisions regarding your mortgage. The monthly newsletter will be filled with different topics each month that will increase your knowledge of the mortgage industry and recent industry happenings. You will also find a home improvement tip in each issue that is designed to provide information on ways to increase your home's value. Please take a moment to review the monthly newsletter and click on the links on the left hand side for more news and resources. Feel free to contact me with any questions you may have and look for your mortgage newsletter every month.
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Spotlight
New Mortgage Programs Set to be Introduced
New programs are being planned and implemented to help low- to medium-income families, and minorities, attain their goal of homeownership. One such program has been launched by Fannie Mae, the nation's biggest buyer of existing home mortgages and largest source of funds for new mortgages. Their goal is to help create six million new first-time homeowners over the next decade, and to boost the minority homeownership rate from today's 49 percent to at least 55 percent.
Fannie Mae is now organizing several dozen new and enhanced mortgage initiatives to achieve their goals. Over the next few weeks, the company will be announcing specific plans, it was announced. "After the greatest year in housing and mortgage finance history, we are renewing and increasing our programs to help new homebuyers," said Franklin Raines, CEO of Fannie Mae. "We have bold ideas and big plans to work on the toughest housing problems facing this nation. The first phase will emphasize getting people - especially minority families - into homes of their own.
"Now that we have the capital, tools, and a wide range of housing partners, Fannie Mae is pushing to do more with ideas to really move the minority homeownership rate."
These programs will also be particularly helpful to school teachers, police officers, fire fighters and medical workers - typically the least likely to qualify for a home purchase mortgage - to finance a home purchase transaction. On average, people in these occupations have less than a one-in-three chance in cities of finding a home they can afford, and just a three-in-ten chance in the surrounding suburbs, according to a study by the National Association of Home Builders. The median income earned by people in these occupations is below the minimum needed to qualify for the median priced home in the United States. In particularly high-priced areas, such as west and east coast markets, their income is far below the level needed to qualify for a median priced home or even a much lesser priced residence.
