MAKE HOMEOWNERSHIP
MORE AFFORABLE
Increase access to mortgages for “small dollar” homes (homes that are less than $150,000) that already exist. Reduce Dodd-Frank restrictions on community banks and credit unions so they will make these loans.
Increase access to home improvement loans, especially for small dollar homes that would not pass inspection criteria to qualify for a mortgage.
Improve the FHA Rehabilitation Mortgage Insurance Program, which insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old.
Change loan-officer compensation practices to a flat fee for every loan made rather than compensation based on a percentage of the mortgage to encourage loan officers to offer/make small-loans.
Find a better balance between overly restrictive credit requirements and giving borrowers the opportunity for sustainable homeownership. However, DO NOT even come close to repeating the mistakes of the 2007-2009 Financial Crisis.
Wholeheartedly support Community Development Financial Institutions (CDFIs), which play an important role in generating economic growth and opportunity in some of America’s most distressed communities.
Encourage more banks to engage in Community Reinvestment Act (CRA) lending, where financial institutions commit to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods.
Require Fannie Mae and Freddie Mac to partner more with banks that conduct Community Reinvestment Act (CRA) lending.
Reinstate the First-Time Homebuyer Tax Credit and make it permanent.
Create a refundable housing credit for all homeowners that would allow more taxpayers to enjoy the housing benefits of the tax code.
Empower the Federal Housing Administration (FHA) to improve its underwriting process and make it more flexible, and address appraisal gap issues that are often found in low-cost markets.