Did You Miss This? FHA's Latest Updates for Affordable Homebuying!

ICYMI: FHA's Surprising Updates for Affordable Homebuying!

With home prices and mortgage rates on the rise, the FHA is taking action to ensure that owning a home remains within your reach. Check out some of these recent changes to FHA loans and how we use these updates to put homeownership within your reach!

Rental History Matters

Don't have an extensive credit history? No worries! The FHA now considers your positive rental payment history when determining your eligibility for a loan. If you've been responsible with your rent, this could be a game-changer for your journey to homeownership.

Embracing Accessory Dwelling Units (ADUs)

Finding an affordable home can be tough, but the FHA has a plan. They're exploring ways to help homeowners generate income through accessory dwelling units (ADUs). These extra living spaces can be rented out, allowing you to build wealth while creating more affordable housing options in your community.

Manufactured and Factory-Built Homes

Ever thought about manufactured or factory-built homes? They're becoming an attractive option for affordable homeownership. The FHA is working to provide financing options for these homes, which are cost-effective and offer modern features and comfort.

Reduced Mortgage Insurance Premiums

Saving money is always a win, especially when it comes to homeownership. The FHA recently lowered its mortgage insurance premiums, saving you around $800 annually! This change makes getting a loan and managing monthly payments more affordable, opening doors to your new home.

Revitalizing Homes through the 203(k) Program

Is a fixer-upper more your style? The FHA's 203(k) program lets you roll renovation costs into your mortgage. This means you can purchase a home that needs some TLC and turn it into your dream home while keeping your finances in check.

Boosting Affordable Rental Homes

The FHA understands the importance of affordable rental homes. Increasing the price threshold for large multifamily loans encourages the development of more affordable rental options. This benefits everyone, creating a more balanced housing market.

Whether you're a first-time buyer or looking for affordable rental options, these initiatives are designed to support your journey to a place you can call home. And when paired with our guidance, the path to homeownership is easier than you think!

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