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Home affordability in the United States has dropped to its lowest level in 13 years, a recent data states that the median household compared to 2008, now needs close to 32% more income to cover mortgage payments.
According to the National Association of Realtors, as for home appreciation, the median price of an existing home rose to a record high of $356,700 in August, which was 14.9% higher than the same last year.
New American Funding’s new regional business development manager for Arizona, and Central, and Northern California, Mark Tribuna’s job is to lead the company’s large network of loan originators the company works to serve the lending needs of non-profit affordable homebuilders.
Tribuna has been working on finding practical solutions to the problem of affordability. He has created programs to help up to 1,200 nonprofit home builders across the country and says that the biggest barrier to homeownership is having the down payment so that you can obtain financing.
He and a few others have worked on a program, that will provide eligible customers with a 3.5% down payment, and offer up to 100% financing by giving a traditional first mortgage through an FHA loan.
He adds along with making loans more readily accessible for the low paid adding more inventory is also to gap the housing challenge.
They were working hard to ensure nonprofit homebuilders get more liquidity to build more homes, which will be difficult because of the current real estate prices, the rising cost of labor, and building supplies.
Tribuna enjoys helping to improve efficiencies, identify opportunities, and increase net profitability. He says it is not always about money, but the real feel-good aspect to the business is when he is able to help a first-time homebuyer achieve homeownership.
Reference Source: MPA
