The Census Bureau and the Department of Housing and Urban Development Friday released New Residential Home Sales survey data for March 2010.
Below is a graph which illustrates how borrowers are financing their new home purchases. "FHA IS THE WAY" has been the motto of many a mortgage banker and broker since the collapse of the secondary mortgage market in 2007. Notice how FHA marketshare has grown since then...one might argue many of the first time home buyers who took advantage of the tax credit were able to do so primarily because of the FHA's programs.
FHA was created in 1934 to serve as an innovator in the mortgage market, to meet the needs of citizens otherwise underserved by the private sector, to stabilize local and regional housing markets, and to support the national economy. This mission is still very relevant, perhaps now more so than ever, and most of us would agree that FHA can and should continue to play its important role. READ MORE