HUD Highlights E-Newsletter
U.S. Department of Housing and Urban Development (HUD)
Region X - Alaska, Idaho, Oregon, Washington
June 2007 - Volume 3, Number 6
June is National Homeownership Month
Throughout Homeownership Month "we are taking our message of promoting and protecting homeownership to communities nationwide," said HUD Secretary Alphonso Jackson. "All Americans should have the opportunity to achieve the dream of buying a home - and once they do, we want to ensure they stay in it. Educating families about the homebuying process and helping those homeowners who may have hit a bump in the road is critical to ensuring a house remains both a home and a secure and stable investment."
This year's theme - Promoting and Protecting Homeownership - promotes first-time homebuying; encourages homebuyers to learn about the responsibilities of owning a home; and helps consumers understand the fine print of a mortgage. There are 2,300 HUD-approved housing counseling agencies around the country to help potential and current homeowners learn about safe loan products available through the FHA's (Federal Housing Administration) mortgage insurance programs and other responsible lenders.
Find a housing counseling agency in your area on HUD's website.
Buying a home? FHA-insured loans can be just the ticket to help you purchase a home. They're especially good for first-time homebuyers, and folks without a lot of cash for a downpayment. Since FHA loans are insured by the Federal Government, they have competitive interest rates and smaller downpayments. It's usually easier to qualify for an FHA loan than a conventional mortgage.
Refinancing? Do you or someone you know have an Adjustable-Rate Mortgage (ARM)? You know the ones, they sounded so great at the beginning with their low downpayment and low interest rate... but now interest rates, and payments, are climbing. Refinancing into a fixed-rate loan might be a good idea... and if you're thinking of refinancing, take a look at FHA. An FHA-insured loan can help you get your mortgage payments back on track.
Learn more about FHA loans on HUD's website.
FHA Mortgage Limits Increase
Effective June 18, 2007, FHA mortgage limits will increase in the Washington Counties of Chelan, Clark, Douglas, Jefferson, Kittitas, Mason & Skamania, and the Oregon Counties of Clackamas, Columbia, Multnomah, Tillamook, Washington & Yamhill. The new limits will be posted on June 18.
Higher loan limits mean more homebuyers will be eligible for FHA insurance on their mortgages and home improvement loans. The higher limits also help seniors (age 62 or older) qualify for FHA-insured reverse mortgages (Home Equity Conversion Mortgages) to access the equity in their homes.
Need Help with FHA?
Visit the FHA Resource Center at http://answers.hud.gov, where you can search our online knowledge base and find answers to commonly asked questions, or chat on-line with a customer service rep.
We also offer assistance via email email@example.com or phone. Call us! Phone lines are open 8am - 8pm ET (5am - 5pm PT).
Toll-free: (800) CALLFHA or (800) 225-5342
TDD: (877) TDD-2HUD or (877) 833-2483
HUD's FHA has helped more than 34 million people become homeowners since its inception in 1934. Legislation is now working its way through Congress to modernize the 73-year-old FHA to more effectively reach underserved borrowers and provide tens of thousands of families with a safe alternative to subprime loans.
Read the bills:
Have You Submitted Your Grant Application Yet?
HUD's annual Super Notice of Funding Availability (SuperNOFA) is winding down. All grant applications must be submitted electronically through Grants.gov (www.grants.gov/), with the exception of the Continuum of Care homeless assistance programs. Visit our Funds Available page for more information on our website.
HUD Highlights is an e-newsletter from HUD's Seattle Regional Office about HUD news, upcoming events, program updates and grant opportunities. If you received this newsletter from a friend, and would like to receive your own copy, please sign up for our mailing list.
Questions or comments about HUD Highlights?
HUD Seattle Regional Office, 909 First Avenue, Suite 255, Seattle, WA 98104-1000
(206) 220-5101 or toll-free (877) 741-3281
www.hud.gov or espanol.hud.gov