FHA TAKES ADDITIONAL STEPS TO PROVIDE ACCESS TO CREDIT FOR UNDERSERVED BORROWERS

WASHINGTON – Today, the Federal Housing Administration (FHA) issued its “Blueprint for Access” outlining the additional steps the agency is taking to expand access to credit for underserved borrowers.  These steps include encouraging a broader use of housing counseling. This week, HUD will publish a notice in the Federal Register for theHomeowners Armed with Knowledge (HAWK) pilot program to further incorporate housing counseling into the home buying process for borrowers using FHA insured financing.

Under the new pilot, homebuyers will qualify for savings on their FHA-insured loans by completing HUD-approved housing counselingprovided through independent nonprofit organizations that give people the tools they need to understand the rights and responsibilities of homeownership. This counseling is aimed at improving buyers’ budgeting skills and housing decisions. In addition the Blueprint for Access includes enhancing FHA’s quality assurance efforts. Today HUD announced more information on FHA’s Quality Assurance Initiative, intended to provide greater clarity and transparency to FHA approved lenders to encourage lending to qualified borrowers across the credit spectrum.

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