During their 2010 New Orleans conference, the National Association of Realtors addressed the problems potential home buyers have had qualifying for loans. Many lenders will not budge on certain regulations due to the fact they need to have the loans insured by FHA or bought but the GSEs. NAR has addressed FHA, Fannie Mae and Freddie Mac saying they are hindering potential homebuyers from being able to buy with strict limits on available credit. “These policies are delaying recovery both of the housing market and the larger economy,” said Vicki Cox Golder, President of NAR.NAR also made a point of asking private lenders to lighten certain regulations regarding negative credit scores affecting future purchases and credit utilization. NAR claims to be trying to help the housing market by trying to elevate some of the restrictions put upon potential buyers while educating both its members and consumers about the industry’s regulations. NAR will be developing educational materials about the importance of good credit, how to find a fair and affordable mortgage and the overall importance of maintaining good credit.
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