What is National Homeownership Month?
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UPDATED: Jun 19, 2013
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National Homeownership Month is a special annual event jointly celebrated by mortgage loan lenders and the federal government to promote the key part of the American Dream: owning a home.
It is an ideal time to take advantage of lender eagerness and apply for a mortgage loan to buy a home. National Homeownership Month is always held in the month of June and began as a Presidential initiative to support and expand homeownership opportunities for Americans.
Weldon Freeman, Public Affairs Specialist of Legislative and Public Affairs for the USDA, told loans.org that the USDA has been participating in National Homeownership month for 17 years.
“USDA cooperates with HUD and others on a national and local scale, using the opportunity to demonstrate the accomplishments of these programs on a local as well as much larger scale,” said Freeman.
The USDA, according to Freeman, believes that homeownership is part of the American Dream and it allows families to accumulate wealth that can be passed on to following generations. Freeman also noted that homeownership provides security for children, stabilizes neighborhoods, and helps to create stronger communities.
In honor of National Homeownership Month, states will be holding events to promote and educate the public on the types of homeownership opportunities that the USDA offers. Throughout the month of June, USDA officials will highlight families and communities across the country that have benefitted from the USDA’s housing programs. But once June passes, and this homeownership month comes to an end, summertime will still be here.
“Summer has typically been the season for buying a home,” said Freeman. “It is also when USDA loan activity spikes. It is difficult to pinpoint the cause of the increase we see each summer. However, we can be certain Homeownership Month provides the opportunity for USDA and others interested in homeownership to tell about our programs and the personal success they create. This certainly has a positive impact on home sales.”
David Marinoff, Managing Director at Luxury Mortgage Corp, told loans.org that National Homeownership Month is especially important this year since home prices are still lower than they were five years ago while interest rates continue to sit near historical lows. Essentially, this makes National Homeownership Month an excellent time for first time homebuyers and home shoppers looking to borrow mortgage loans.
“The pool of first time homebuyers has never been as large as it is today,” said Marinoff. “Since the 70’s and 80’s, when the baby boomer generation bought in historical numbers, we are poised now at the brink of a new explosion in homebuying potential. The ‘Echo Boomers’ (The children of the original Baby Boomers) are now reaching their mid 30’s and they are 80 million strong.”
Marinoff advises current homeshoppers and prospective mortgage loan borrowers to take advantage of National Homeownership Month and the eagerness of many mortgage loan lenders and real estate agents by getting pre-qualified to buy a home.
She said that different government agencies promote various benefits during National Homeownership Month.
“The Department of Agriculture, for example, typically will launch a drive to promote home purchases in rural areas to encourage population growth, development, commerce, etc.,” said Marinoff. “Generally speaking, most agencies will focus their marketing campaigns on housing during the month of June.”
Jared Martin, CEO of Keystone Funding, told loans.org that National Homeownership Month asks homeowners to reflect on the hard work that got them in their homes. It also asks policymakers to focus on what needs to be done in order to help more citizens find a place to call home.
“If nothing else, I hope Homeownership Month can be a reminder of the Housing Market Collapse, so our country can learn from its past mistakes,” said Martin. “I came into the lending industry specifically to address the poor ethics that were not only troubling individuals looking to buy homes, but our country’s entire economy. I think the month of June is the perfect time, for mortgage professionals, like myself, to remember why we do what we do for a living. Our integrity is critical to stabilizing our country’s future.”