"Realtors help make the dream of homeownership for so many Americans a reality, and HUD is committed to partnering with them to ensure that the hard-won progress we're seeing in our housing market continues to grow for many years to come. The Federal Housing Administration (FHA) announced changes to condo rules last November that address a complex recertification process, owner-occupancy requirements, and limits on the types of property insurance that FHA considers acceptable coverage. "Realtors know that condos are an important option for buyers, especially for first-time buyers looking for affordable options in the marketplace."
Affordability concerns, inventory shortages and lifestyle factors such as marrying later and having to student loan debt, burden a segment of creditworthy buyers by making it difficult to save for a downpayment. Julián Castro led the session on student loan debt and its impact on first-time buyers. During his remarks, Castro announced that some regulatory changes were coming soon for young men and women, many of whom are currently repaying loans they borrowed to earn a college degree. Change in condo financing that could have an outsized effect on Florida due to state's high number of condos.
"We need to make sure the pillars of the American Dream of graduating from college and owning a home go together – and not compete with each other," he said. Student debt balances, however, have been the exception and ballooned from about $300 billion at the end of 2004 to over $1.2 trillion debt today.
Pointing to NAR survey data, even with the numerous obstacles they face, millennials do make up the largest share of buyers among all generations, and over 90 percent of them currently renting have indicated a desire to become homeowners in the future."Realtors can be a resourceful advocate for their young clients repaying student debt by educating them about their housing options and pointing them to credible resources, such as the Consumer Financial Protection Bureau's information on student debt". U.S. Housing and Urban Development (HUD) Secretary Julián Castro