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NationalForeclosures.com is proud to present the Free Report... American Dream Commitment Expanding the American Dream Commitment In January of 2004, Fannie Mae pledged to help 6 million families -- including 1.8 million minority families -- become first-time homeowners over the next decade. Fannie Mae's new commitment to first-time home buyers is part of the next stage of the company's American Dream Commitment ®, a plan announced in 2000 to provide $2 trillion in private capital for 18 million minority and underserved Americans to own or rent a home by the end of the decade. Having met the $2 trillion American Dream Commitment goal and the company's previous Trillion Dollar Commitment launched in 1994, Fannie Mae, along with many others -- including its lender, mortgage insurer, nonprofit, real estate, home builder, housing finance agency, and other federal, state, and local government partners -- has now provided over $3 trillion in funds for over 28 million underserved families in 10 years. In 2003 alone, these strong partnerships allowed Fannie Mae to achieve a record level of more than $240 billion in mortgage purchases serving minority families. This next stage of the American Dream Commitment also boosts the company's commitment to President George W. Bush's Minority Homeownership Initiative and will help raise the minority homeownership rate from 49 percent currently to 55 percent, with the ultimate goal of closing the gaps between minority homeownership rates and non-minority homeownership rates entirely. This goal will require the company to increase its average annual financing of first-time home buyers by more than 250,000 households -- an increase of more than 70 percent over the annual average for the first four years of this decade -- and increase its average annual financing of minority first-time home buyers by more than 93,000 households, which is a level more than double the annual average for the first four years of the decade. Under the three-phase American Dream Commitment expansion plan, Fannie Mae will pledge significant new resources through several dozen new and enhanced mortgage initiatives to achieve the following goals: Expand access to homeownership for millions of first-time home buyers and help to raise the minority homeownership rate to 55 percent with the ultimate goal of closing the homeownership gaps entirely; Make homeownership and rental housing a success for millions of families at risk of losing their homes; and Expand the supply of affordable housing where it is needed most. In addition, the company announced a comprehensive set of additional goals and objectives designed to increase opportunities for homeownership and to help lenders reach out and serve more first-time home buyers. The include applying technology to increase access and readiness; building stronger partnerships with lender customers and trusted advisors; expanding homeownership opportunities through public/private partnerships; and transforming the manufactured housing market. We hope this information has been of help to you and if you need to be contacted by one of our Nationwide No Money Down Specialists, then Click Here! |
