B
y Brian Collins | National Mortgage News
Greater availability of mortgage credit along with an improving picture in the general economy will make 2015 a year of “housing opportunity,” Housing and Urban Development Secretary Julian Castro said Wednesday.
Castro, who spoke during a discussion hosted by Zillow at the Newseum, said getting a mortgage is a “little more in reach,” thanks in part to new federal policies. They include a reduction in mortgage insurance premiums by the Federal Housing Administration and the Federal Housing Finance Agency’s lower down payment requirements on Fannie Mae and Freddie Mac loans.
But he also cited encouraging trends in the job market as a factor.
“In terms of moving from renting to buying, wage stagnation has been a challenge. But now we see that moving in the right direction,” said Castro, who participated in the webcast discussion with Zillow chief economist Stan Humphries.
