The White House has unveiled new initiatives to promote U.S. homeownership amid an ongoing affordability crisis driven by historically high housing costs. One new policy allows homebuyers to use income from accessory dwelling units (ADUs) to qualify for Federal Housing Administration-insured mortgages. In addition, the U.S. Department of Housing and Urban Development (HUD) is working on updates to its 203(k) Rehabilitation Mortgage Insurance Program, HousingWire reports.
The Consumer Financial Protection Bureau (CFPB) is also developing reforms to assist homeowners struggling to afford mortgage payments. These initiatives aim to enhance homeownership opportunities and provide support to those currently unable to enter the housing market due to financial constraints.
“The reforms build on observations during the COVID-19 pandemic about places where the rules could be streamlined and simplified,” the White House explained. “The reforms will ensure homeowners can get the help they need without unnecessary delays or hurdles and are better able to not fall into foreclosure.”
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