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.”
Advertisement
Related Stories
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Housing Policy + Finance
The Garden State Takes a New Approach to Expanding Affordable Housing
Recent legislation in New Jersey could provide inspiration for eliminating affordable housing hurdles in other places with strong housing markets
Housing Policy + Finance
Housing As Health Care: The Debate Continues
As more states channel Medicaid money into housing, the debate around whether states should use public health insurance money to provide housing is intensifying