March 15, 2011
First time home buyers and experienced house hunters alike can learn a lot from FHA-approved housing counseling agencies. For newcomers, learning the ins and outs of FHA mortgages can help a borrower prepare, budget and save money for the loan process while getting an education on how to avoid predatory lending and real estate scams.
For experienced buyers, housing counseling is still a good idea–especially if it’s been many years since the original home purchase. Many things about the FHA loan process have changed over the years and an update on old information can be extremely helpful.
The federal government believes in FHA-approved and HUD-approved housing counseling. So much so that in late 2010 the Obama administration approved more than $70 million in housing counseling grants for 500 organizations across the United States.
Housing counseling service providers, according to HUD Secretary Shaun Donovan, are an important part of the real estate market’s recovery from the crisis of 2008 and beyond.
“These organizations are on the front lines of helping families who are desperate to remain in their homes,” said Donovan. “Now, more than ever, it
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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