JUNE HOMEBUYER MONTH

A Statement on Homeownership Month from Brian Montgomery, the Federal Housing Commissioner

June is Homeownership Month and this year our theme is Back to Basics. Uncertainties in the housing market require back-to-basics solutions that break the cycle of foreclosure and add clarity to the homebuying process. Americans need to better understand what goes into homeownership, how to own a home they can afford, and to learn about steps the federal government is taking to help struggling homeowners keep their homes. The Federal Housing Administration was created during the Great Depression to provide liquidity to the financial market while promoting homeownership. The FHA of 1934 was the leader in the industry, providing innovative programs during a time of great financial hardship that strengthened our communities and families. Over the last 74 years, the FHA has enabled over 34 million families to become homeowners, providing a safe and secure environment for children to learn and grow and the means for families to grow wealth. In today’s uncertain housing market many families are once again turning to the FHA. In fact, more than 200,000 families have refinanced their mortgage through the FHASecure program, an innovative program that enables families with non-FHA insured loans to refinance from expensive, exotic mortgages into a safe and secure FHA loan. At FHA we are not just concerned with getting families in a home but keeping them in their home. We are committed to providing a means to a stronger and more secure future. Uncertain economic conditions and instability do not have to result in foreclosure. Foreclosures have alternatives and at FHA we are helping struggling homeowners find alternatives. Through good times and bad economic times the FHA provides homeowners peace of mind. We not only prepare families to become homeowners through our homebuyer education program, but we also strive to keep them in their home through our premier Loss Mitigation Program. Please join us this month as we work to make homeownership and home retention possible for families throughout America.