New Mortgage Limits Create Better Choices and Options for First Time Homebuyers
Because of rising home prices, many first time home buyers have been forced to into sub-prime loans that are actually less beneficial to them than loans provided by the Federal Housing Administration. AmericanFamilyFunds. com is a leading provider of Down Payment Assistance to home buyers throughout the United States.
Mobile, AL (PRWEB) February 22, 2006
First time home buyers should seek out mortgage companies offering FHA loans. Favorable long term forecasts and Down Payment Assistance are more readily available. The interest rates on FHA loans are consistently less than sub-prime loans, but more importantly, FHA requires lenders to work with their borrowers that are unable to pay their monthly mortgage rates", according to Joel Pate, Chairman of American Family Funds, Inc. (AFF).
Because of rising home prices, many first time home buyers have been forced to into sub-prime loans that are actually less beneficial to them than loans provided by the Federal Housing Administration, according to Pate. AFF, which provides details at www. AmericanFamilyFunds. com, is a leading provider of Down Payment Assistance to home buyers throughout the United States.
Effective January 1, 2006, the Federal Housing Administration (FHA) has increased its single-family maximum mortgage limits by more than 15 percent to $172,632 in standard areas and $312,895 in high cost areas.
'The Bush Administration is working to make homeownership more affordable and accessible so that more families can afford the American Family Dream of Homeownership," said Pate. By allowing home buyers the opportunity to purchase a home utilizing Down Payment Assistance, and with the determination to raise maximum loan amounts as markets increase, the FHA is making significant strides in making that dream possible for many first time homebuyers."
According to industry statistics, divorce, job loss, and health related issues are the top reasons home owners fall behind on their mortgage payments. 'Through FHA's Mandatory Loss Mitigation Programs, lenders are required to provide Forbearance on loan payments to homeowners in situations that are beyond their control. This requirement can be the
Difference between a first time buyer keeping their home and foreclosure", adds Pate. www. AmericanFamilyFunds. com offers Down Payment Assistance through leading FHA lenders, realty agents, and select builders.
About American Family Funds, Inc.
AFF, the administrator for The Dove Foundation, a 501(c)3 non-profit charity, is the nation's leading provider of Down Payment Assistance on FHA related transactions. The Dove Foundation is the only ministry in Mobile, AL that feeds the homeless six days a week. They served over 90,000 meals in 2005.
Contact: Tina Houston, Regional Manager
Address: 851E. I-65 Service Road South, Suite 304, Mobile, AL 36606
Phone: 888-869-0420 xt 101
Fax: 251-344- 9725
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