In an effort to ensure all those who are able and willing to assume responsibilities of homeownership should have the opportunity to pursue that dream, the National Association of REALTORS (NAR) urged the mortgage lending industry to reassess and amend their policies so more qualified home buyers can become home owners. NAR announced this policy at their annual conference in New Orleans earlier this week.
As part of its credit policy to increase mortgage lending to qualified borrowers, NAR will develop educational materials for Realtors® and consumers about credit issues, including the importance of good credit, lender credit policies, and how to find a fair and affordable mortgage.
NAR will also work with FHA, the GSEs, lenders and federal regulators to encourage them to assess their credit policies on a regular basis, and will urge them to re-evaluate their policies regarding which home owners can qualify for loan modifications, short sales, or deeds-in-lieu of foreclosure to help more home owners keep their homes or, when that is not possible, help them begin to rebuild their credit.
According to NAR President Vicki Cox Golder, “the Federal Housing Administration, Fannie Mae and Freddie Mac have a mission to provide mortgage liquidity to qualified home buyers, including low- and moderate-income families and first-time home buyers. That mission is being impaired by unnecessarily restrictive limits on the availability of credit, and these extremely tight credit policies are significantly delaying a housing market and economic recovery.”
Image: via, realtor.org/