This week, the National Association of REALTORSÂ® reinforced the importance of the Federal Housing Administrationâ€™s role in the housing recovery. The NAR stated that FHA insurance is one of the primary sources of mortgage financing available to first-time home buyers. In the last three years, FHAâ€™s market share has increased dramatically and is expected to go from 2% in 2005 to over 30% in 2009. Current Vermont limits for FHA insured loans are $200,160 for a single-family dwelling.
In testimony to Congress, NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth states, â€œFHA has been playing a larger role in the mortgage market since the mortgage market meltdown and tightening of credit. Although many improvements have been made, more needs to be done to keep pace with demand and dispel concerns that FHA may become the â€˜dumping groundâ€™ for subprime loans and high-risk borrowers,â€ said McMillan. â€œA vital and well-funded FHA will benefit everyone.â€
Bennington VT Real Estate, Buying