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NAMP Views new Economic Stimulus Plan as Promising Action by FHA to Boost Housing and Increase Mortgage Limits
Washington, D.C. (PRWEB) April 12, 2008 -- Recently, government action has been taken in order to ease the pressure on mortgage payments for homebuyers, as well as encourage a transition away from the subprime mortgages toward the more affordable option of federally ensured loans. These developments result from the Economic Stimulus Plan recently proposed to increase the limits on FHA insured loans and open the door for Fannie Mae and Freddie Mac to purchase and guarantee larger mortgages from lenders. NAMP views the stimulus plan as a valuable opportunity for disadvantaged borrowers, and the development is an important one for mortgage professionals to remain aware of. NAMP has partnered with FHA Online University to make it easy for mortgage professionals to remain at the top of their game, through FHA Online's processing class "For Processors."
In the past, FHA and mortgage companies have mainly supported conservative mortgages for homebuyers borrowing smaller sums, yet recent action encourages them to back larger and possibly more risky borrowing. With the stimulus plan, limits on FHA, Freddie Mac, and Fannie Mae mortgages increase from $417,000 to $729,000 in some cases, and even have pushed as far as removing limits on the volume of mortgages that Fannie Mae and Freddie Mac can personally maintain. Says NAMP Ambassador Stacey Sprain "it's exciting to see mortgage limits increase, especially for FHA because it will allow so many more borrowers to qualify for the FHA financing they are in need of all over the country. There's never been a better time to learn and grow with FHA lending which opens up tremendous opportunities for mortgage originators and processors."
In general, the economic stimulus plan is geared toward averting a larger and more extended economic crisis by focusing also on the ever-increasing issue of mortgage foreclosures. Certainly, FHA is here to stay, and continue to establish a presence in helping to combat the rise in mortgage fraud and the sub-prime meltdown. When it was first created during the depression, the FHA was designed to provide aid during difficult times, such as the economic obstacles that are currently facing our nation.
FHA and HUD leaders press for continued action, and NAMP views these steps as positive action toward easing the general economic situation through the remedying the current plague in the housing market. The partnership between NAMP and FHA Online University has been created in order to help mortgage professionals understand the mortgage market as it continues to shift and change. Mortgage professionals will be of able to aid homebuyers to the absolute best of their ability when they take advantage of FHA Online University, and can feel confident that they are fully aware of and educated about significant developments and progress within the mortgage market.
About NAMP.
Based in the heart of Washington D.C., the National Association of Mortgage Processors (NAMP) is known throughout the mortgage processing industry as the voice of today's mortgage processor. NAMP is dedicated to assisting contract loan processors as well as in-house mortgage loan processors, in all aspects of their business. For more information, visit NAMP online at: http://www.MortgageProcessor.org.
About FHA Online University.
FHA Online University offers live, instructor-led online FHA training classes to students nationwide. For more information, visit http://www.FHAtraining.org.
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