Voluntary Affirmative Marketing Agreement (Vama)
kenty9x | October 13, 2021 | 0The erosion of the subprime mortgage market and the growing interest in Federal Housing Administration (FHA) programs as an alternative source of financing for first-time homebuyers remind owners and developers wishing to sell new homes with FHA funding that they must meet the requirements of the Department of Housing and Urban Development to market their homes affirmatively to minorities and other protected classes. Article 10 of the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS requires that “realtor may not refuse the same professional services to any person on grounds of race, color, religion, sex, disability, marital status or national origin. BIA| Bay Area offers its members an optimized process! To demonstrate compliance with the affirmative marketing requirements for FHA funding, it is sufficient for a client to indicate that it is a signatory to the Voluntary Affirmative Marketing Agreement (VAMA). We`ll take care of the rest! The home seller, the housing applicant and the real estate professional have all the rights and obligations under the law. As an intermediary in a real estate transaction, the law prohibits licensed brokers or sellers from discriminating on the basis of race, skin color, religion, sex, disability, marital status or national origin. The real estate professional cannot respond to a request from the seller or lessor to act in a discriminatory manner when selling, renting or renting. The Economic Stimulus Act of 2008 allows AHFs to insure loans of up to 125% of the average property price, if this amount varies between the national minimum (271,050 USD) and the maximum (729,750 USD). You have the right to expect that you will have access to housing without discrimination or other restrictions based on race, colour, religion, sex, disability, marital status or national origin. This implies the right to wait: a REALTOR undertakes to conduct business in accordance with the spirit and letter of the Code of Ethics. Article 10 imposes obligations on REALTORS and also constitutes permanent support for equal opportunities in the housing sector. You should know that as a home seller or landlord, you have a responsibility and obligation under the law not to discriminate in the sale, rental and financing of real estate because of race, skin color, religion, sex, disability, marital status or national origin.
. . .
Recent Comments