ACCORDING TO THE MORTGAGE BANKERS Association of America (MBA), the Bush administration's proposed fiscal year 2004 budget outlines a number of initiatives that will help expand the supply of affordable housing and increase homeownership.
"We are pleased that the Housing and Urban Development [HUD] budget addresses a number of critical housing concerns,' said MBA Chairman John Courson. "The proposed budget goes a long way toward reaching the administration's goal to increase minority homeownership by 5.5 million families over the next decade. We look forward to working with HUD to make the case on Capitol Hill that all American families should have access to the American dream."
MBA supports several key initiatives in the proposed budget that will expand affordable housing to meet the needs of low- and moderate-income Americans, including:
* New FHA Financing Option--Allows borrowers with poor credit to receive a loan with a slightly higher premium rate, but rewards them for "good behavior" by reducing their monthly mortgage insurance premiums after 24 consecutive ontime payments.
* The American Dream Down payment Initiative--$200 million appropriation would help approximately 40,000 lowincome families purchase their first home....