HUD Takes Steps to Speed Up Housing Market Recovery
January 20, 2010 by Kenneth Cox · Leave a Comment
HUD FHA H0me Loans | HUD Recovery Act Grants
The Housing of Urban Development recently annouced plans to extend access to FHA mortgage insurance and grant $2 billion in Reovery Act funding to assist in stabilizing and rebuilding neighborhoods and local economies. HUD is hoping these actions will bring our Nation’s economy one step closer to recovery and sustainability. HUD passed $50 billion in technical assistance grants in August 2009 to assist with managing abandoned homes purchased under the Neighborhood Stabilzation Program. The Neighborhood Stabilization Program was created to provide funds and relief to local governements in an effort to stabalize and redevelop local real estate communities.
HUD’s expansion of mortgage insurance will allow for the quick resale of foreclosed properties by enacting a temporary waiver which allows FHA mortgage insurance for a subsequent resale within 90 days. With the quick turnaround on acquiring, rehabilitating and reselling foreclosed properties, HUD’s research found the 90 day resale restriction adverseley impacted the willingness of sellers to allow contracts from pontential FHA buyers bec. of the expenses involved with holding costs and risks of vandalism. HUD Expansion of Mortgage Insurance
In an effort to turn vacant homes into affordable housing opportunities, HUD is injecting $2 billion in recovering funds into the economy in the form of grants to local communities. This is great news for many local markets that have an abundance of abondoned homes which is reducing local property local values and impeding efforts of recovery and stabilization. Texas is expected to receive over $56 million dollars in grants through Chicanos Por La Causa, Inc, El Paso Collaborative For Community & Economic Development, and Habitat for Humanity International.
Grant Programs in Texas
HUD Secretary Shaun Donovan Annouces $2 Billion in Grants
Dallas Home Foreclosures | Dallas FHA Home Loans
For more information on buying a foreclosed home in Dallas, contact one of our foreclosure specialists. Our Dallas Realtors can assist with buying all types of foreclosures in Dallas including homes, condos, townhomes, lofts, and highrises. Our agents can also help you secure an FHA Loan on Homes in Dallas.
