Industry News

New program aims to boost home ownership in Texas

Realtors, housing agency team up with Fannie Mae

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The Texas Association of Realtors on Tuesday announced a partnership with Fannie Mae and the Texas Department of Housing & Community Affairs that aims to help more Texans become first-time homeowners. The three organizations are embarking on a new educational program, United Texas: Housing Initiatives That Work, which includes a major effort beginning in 2005 to train the 70,000 Realtors in Texas on how to help first-time home buyers obtain low-cost mortgage financing. A new Web portal at links Texas Realtors to information about the Texas Cares downpayment-assistance program, low-interest financing programs, such as TDHCA's Texas First-Time Homebuyer Program, and Fannie Mae mortgage products. According to the U.S. Census Bureau, 64.5 percent of Texas households owned their homes in 2003, compared to 68.3 percent nationally. The program aims to boost the state's lagging home-ownership rate. "Our 2003 National Homeownership Survey found that despite this...