On Thursday July 9th. the U.S. Senate cleared the way for the new head of the U.S. Department of Housing and Urban Development (HUD) to be appointed. On a vote of 71-26 San Antonio Mayor, Julian Castro Was Confirmed As The Next HUD Secretary by the Senate. Mr. Castro's conformation was on a bi-partisan vote, and received 20 more votes than he needed.
Personally I wish Mr. Castro the best of luck and hope he succeeds in turning things around at HUD, the Housing Market cannot afford for him to fail. Hopefully Mr. Castro will be more willing to listen to the Lending Industry then his predecessor Shaun Donovan was, on what needs to happen to make FHA a viable mortgage program again. Donovan half heard the Lending Industries outcry for FHA to roll their Monthly Insurance Premium (MIP) to a more reasonable level, and proposed a compromise which falls short of what is needed in my opinion.
While FHA has a number of issues Mr. Castro will have to tackle, the MIP issue needs to take top priority. With the MIP being not only as high as it is and not being able to be canceled on most FHA loan, many First Time Homebuyers have either been eliminated from purchasing a home or have had their purchasing power greatly reduced. A Housing Industry recovery will be very difficult with the present FHA Guidelines, and MIP structure.
I hope San Antonio Mayor, Julian Castro Confirmation As The Next HUD Secretary is good news, and he succeeds in accomplishing what his predecessor Shaun Donovan failed to do, and listens to the Housing and Lending Industries for a change.
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George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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