Urban Areas Seek Better Multifamily Mortgages
By loanReviewer on May 15, 2009 in Real Estate
Politicians in dense urban areas such as New York City are pushing to get increased loans for multifamily mortgages in their area. The goal of these loans is to be able to build new affordable multi-family housing units so that those people without a strong income can still afford to live in good housing. Many neighborhoods have been nearly destroyed as a result of mortgage loan foreclosures; these multi-family housing loan increases would allow these neighborhoods to regain some stability so that their residents can return to a normal way of life.
Multifamily housing loans are less risky to lenders than most personal loans for mortgages may be. Additionally, these loans can be backed up by mortgage insurance to further reduce the risks of lending. This is one reason that politicians in these areas are pushing for increased loan amounts for these types of loans. The neighborhoods benefit without putting the government at so much risk when making these loans. Additionally, the money for new construction would go to create jobs for those people who work in home construction which means that the economy of these neighborhoods would also be improved by the loans. It’s one possible option for helping to minimize the problems in areas still dealing with foreclosures.
Jamie | Jun 15, 2009 | Reply
I have never heard of multifamily housing loans. My sister wants to move to New York so I am going to tell her to look into these multifamily loans. Thanks for the information.
Kathryn | Jun 15, 2009 | Reply
This sounds like a great idea. I live in New Jersey and this is what we need. I have been wondering when the government would make multifamily mortgages. I think it would save so many families money and let them live their lives.
Dawn | Jun 15, 2009 | Reply
This sounds like a great idea. I wish the government would start doing multifamily mortgages. It would save familys money and would let people with not alot of money get housing for cheap. They should start doing this ASAP.
Beth | Jun 15, 2009 | Reply
I dont think this will ever happen. The government is not worried about helping people. This wouldbe a good idea and it would help alot of families but I dont think it will happen anytime soon.
Brianna | Jun 15, 2009 | Reply
I have been thinking about moving back to New York but I just dont know if I have the money to do so. If they made multifamily mortgages it would help me out alot. I hope they end up doing this because I know my family wants to move and I would love to move as well.