For first-time buyers of modest means, the goal of home ownership is more difficult to attain today. But a new initiative spearheaded by the nation’s credit unions is helping more people qualify for home loans.
“Real estate prices are still high all over the country,” said Daniel A. Mica, president and chief executive officer of the Credit Union National Association. “Mortgage rates are headed upward as well. The gap between the incomes of average families and the affordability of a first home is widening every day.”
According to the National Association of Realtors, the median price of a single-family home was $215,900 at the end of October, up 14.7 percent from the previous year. In contrast, median household income was only $44,389, according to the U.S. Census Bureau’s figures for year-end 2004.
In order to afford their first home, most low- to medium-income level families need some extra help. The new initiative – called the Home Loan Payment Relief program, or HLPR -makes below-market-rate mortgage loans available to borrowers with household incomes at or below the median in their markets.
With a...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
