Quote:
HUD Secretary Scott Turner confirmed that the Biden-era administration allowed undocumented immigrants to access FHA-backed mortgages, a practice he characterized as a misuse of taxpayer resources that prioritized non-citizens over American homeowners. In March 2025, Turner's department officially terminated this policy by eliminating the "non-permanent resident" category from FHA Title I and Title II programs, effectively revoking eligibility for illegal aliens, DACA recipients, and those with pending asylum status.
This regulatory change, which took effect on May 25, 2025, was implemented in coordination with the Department of Homeland Security (DHS) to enforce stricter identity verification and ensure that federally backed home loans are reserved exclusively for U.S. citizens and legal residents. Turner stated that the previous administration "turned a blind eye" to this loophole, arguing that the new enforcement protects American taxpayers and prioritizes housing support for those who "play by the rules."
Um, remember how people were complaining about Blackrock investments jacking up the prices of starter homes?
This potentially had a much, much bigger impact.
Market estimates are around 5% of FHA homes went to NPRs in 2024, when they backed 800,000 mortgages. 40,000 homes a year in extra demand will have an impact in markets like San Antonio.