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FHA Hud Home National Homeownership Month

JACKSON KICKS-OFF NATIONAL HOMEOWNERSHIP MONTH: FHA overhaul is centerpiece to further homeownership for lower income Americans

WASHINGTON - Housing and Urban Development Secretary Alphonso Jackson today launched a month-long campaign during June to build on President Bush's commitment to expand homeownership opportunities for all Americans. President Bush declared June National Homeownership Month and HUD, for its part, will focus on the Department's efforts to modernize Federal Housing Administration (FHA) programs to help even more families to become first-time homeowners.

"Owning a home is an American Dream, and today HUD is beginning a month-long nationwide campaign to help more families turn this dream into a reality," said Jackson. "Homeownership is good for our communities and great for our economy. The Bush Administration is committed to making sure all Americans have equal access to building financial independence and self-sufficiency through homeownership."

At homeownership fairs and other events planned throughout June, Jackson and other HUD officials will meet with prospective homebuyers and provide them with information to determine if homeownership is right for them. They will also discuss the role homeownership plays in helping families build wealth and strengthen their communities. For a complete listing of homeownership events around the country, visit HUD's website.

More Americans own their own home than ever before. The national homeownership rate is at a near record high of 68.5 percent and half of minority families are homeowners. Still, the President and Secretary Jackson recognize there is work to be done to make sure homeownership is accessible to everyone. Since President Bush challenged the nation in June 2002 to close the minority homeownership gap and create 5.5 million new minority homeowners by 2010, the Census Bureau reports that more than 2.5 million minority families have already taken out a mortgage on a new home.

To help make the homebuying process easier, HUD hopes to reform the 72-year-old Federal Housing Administration, making FHA more flexible in providing mortgage insurance and other loan services and help underserved and minority homebuyers avoid high-cost loans. For example, reducing the minimum cash contribution for an FHA loan would allow 500,000 additional renters to become homeowners, 22 percent of whom would be African American or Hispanic. Also, relaxing FHA credit standards for borrowers who could make a 10 percent cash downpayment would help an additional 1.1 million renters become homeowners, 26 percent of whom would be African American or Hispanic. Finally, FHA modernization reforms would allow the number of FHA-insured mortgages to double in six years.

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