First American Title announced it is working in partnership with Federal Housing Administration-approved lenders to help multicultural homeowners and their families stay in their homes. FHA raised its conforming loan limits in April after Congress passed the federal economic stimulus package in February to lower borrowing costs for home buyers in high-cost areas.
The FHA program, which allows low down payment, fixed-rate mortgages for first-time and moderate-income buyers, is designed to help people who otherwise would be shut out of the mortgage market. The program provides increased access to affordable loans for multicultural homebuyers.
“We recognize the growing need to offer innovative solutions to our customers in rapidly growing multicultural home-buying communities," said Jessica Verduzco, vice president of First American Title's strategic markets-central region. "First American Title’s Strategic Markets Division provides title and settlement solutions developed with cultural insight to help real estate practitioners more effectively serve our customers in these communities."
“First American and FHA-approved lenders are working together to educate real estate professionals on how to help multicultural homebuyers by answering their questions on the new FHA lending requirements and the loan process," she added. "We have learned that many of our multicultural homebuyers find the escrow and closing experience daunting due to language barriers and unfamiliarity with the process. By providing in-language educational material, we can walk them through the closing process and help alleviate the accompanying anxiety.”
To kick off the partnership, First American hosted an seminar in Chicago entitled “Increased Access with FHA Lending." The seminar, presented by Belinda Robinson, an experienced supervisory housing program specialist with the Department of Housing and Urban Development, was intended for lenders, attorneys and real estate professionals and took place on July 8 in the Legacy Center at WVON.
The session provided valuable information on FHA lending including how First American and FHA lenders can assist multicultural home buyers with the qualification and closing process; answers to questions about the new FHA lending requirements and how to communicate these requirements to multicultural buyers who qualify; and how First American can guide customers and real estate professionals through the unique FHA loan closing process.