The recent Federal Economic Stimulus package and now the more permanent Housing and Economic Recovery Act of 2008 is opening a whole spectrum of new people you can help.

These programs are not simple for consumers to understand, but therein lies the opportunity. Put on your mortgage adviser hat and get to educating.

You should develop marketing campaigns to help struggling home owners and savvy home buyers interested heavily discounted homes, such as foreclosures and short sales.

Make sure you are focused on the burning question–Am I Eligible?

Learning about FHA

The latest Housing and Economic Recovery Act makes permanent some very helpful reforms to FHA lending standards. The following are some key opportunities:

• Permanent FHA loan limits at the greater of $271,050 or 115% of the local median home price, capped at $625,500
• Streamlined programs for FHA condos and manufactured home programs
• FHA foreclosure rescue allowing lenders to do principle reductions and refinance into 30 year fixed mortgages at 90% of the appraised value, with a loan limit of $550,440

How it Applies to the Market You Serve

The new permanent FHA program reforms maintain the local nature of their eligibility requirements. Therefore, you need to make sure that you understand how the provisions apply to your service areas.

The local nature of these FHA eligibility requirements is causing a significant amount of uncertainty and confusion for current home owners and potential home buyers. This becomes your opportunity to help.

Simple, Help-based Marketing

The local structure of the FHA programs makes for a prime opportunity to launch hyper-local education programs and become the local FHA mortgage and real estate expert. Here are some simple ideas to claim your position as the local FHA guru:

• Offer brief presentations on the new FHA assistance programs to local civic groups
• Offer home owner assistance seminars or information to local libraries
• Post local FHA qualification and eligibility information on your local website or blog
• Email or direct mail your past prospects and clients an FHA reform alert
• Offer free FHA qualification and eligibility consultations

These reforms were meant to help people. It is your job to get the word out and educate home owners and home buyer that you have programs to ease their pain.