FAIR HOUSING ACT COMPLIANCE – IT’S THE LAW!
With the erosion of the subprime mortgage market and increasing interest in Federal Housing Administration (FHA) programs as an alternative source of financing for first-time home buyers, builders and developers who want to sell new homes with FHA financing are being reminded that they must comply with requirements from the Department of Housing and Urban Development to market their housing affirmatively to minorities and other protected classes.
The Economic Stimulus Act of 2008 permits FHA to insure loans on amounts up to 125 percent of the area median house price when that amount is between the national minimum ($271,050) and maximum ($729,750).
BIA|Bay Area offers a streamlined process for its members! In order to show compliance with the affirmative marketing requirements for FHA financing, all a builder has to do is state that it is a signatory to the Voluntary Affirmative Marketing Agreement (VAMA). We’ll take care of the rest!
To become a VAMA signatory:
Send in your completed VAMA application by one of the following methods:
Fax — 925-951-6847
Mail — 1000 Burnett Ave., Suite 340 Concord CA 94520
Email bglover@biabayarea.org
BIA|Bay Area will process the application and supply you with the required reporting form. Please be sure to read the VAMA Application Packet for complete program details.
Document links:
VAMA Application Packet
Voluntary Affirmative Marketing Agreement and Certification
Frequently Asked Questions
Helpful links:
Fair Housing and Equal Opportunity (FHEO)
Equal Opportunity Graphics for Printing
Voluntary Affirmative Marketing Handbook
FHA Mortgate Limits
Inquiries:
For more information contact Bob Glover at (925) 951-6842 or bglover@biabayarea.org.
