HUD No. 06-125
October 2, 2006
HUD SECRETARY, CONGRESSMAN GERLACH BRING LIGHT TO HOMEOWNERSHIP PROGRAMS ASSISTING BUYERS
FHA mortgage programs help first-time homebuyer achieve American Dream
POTTSTOWN - Today, Housing and Urban Development Secretary Alphonso Jackson emphasized housing programs that are working to make millions of Americans first-time homeowners when he joined Congressman Jim Gerlach (PA-6) in Pottstown, PA to tour the home of Erin Lindsey, an FHA insured homebuyer.
|Secretary Jackson and Congressman Jim Gerlach in Pottstown, PA meet with first time homeowner Erin Lindsey.|
Lindsey, a 26 year-old social worker who helps educate and rehabilitate delinquent youth at St. Gabriel's Hall in Audubon, PA, took advantage of FHA programs to purchase her first home and overcome closing costs on her mortgage. More than 80 percent of FHA business in Pennsylvania benefits first-time homebuyers, and 60 percent of homebuyers in the state are low to moderate-income.
The Federal Housing Administration (FHA) was created in 1934 to give homebuyers access to reasonably priced mortgages under fair terms. FHA mortgage programs offer hard-working Americans a variety of safe homeownership options at a fair price. Over the years, it has helped more than 34 million families become homeowners.
In July, the U.S. House of Representatives passed The Expanding American Homeownership Act (H.R. 5121) (S. 3535) to increase homeownership opportunities for millions of Americans by modernizing the Federal Housing Administration (FHA) and returning it to its traditional role as an important financing option in today's housing market.
"We are closer to establishing a modernized, flexible FHA that can respond to the needs of today's low and moderate-income homebuyers who need a helping hand," said Secretary Jackson. "I appreciate the leadership of Congressman Gerlach and his support of HUD programs that help the people of Pennsylvania and millions of other Americans."
Reforming FHA will allow program assistance to reach more prospective borrowers and enable millions more low- and moderate-income families to achieve the American dream of homeownership. The Expanding American HomeownershipAct now awaits approval from the U.S. Senate.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.