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Pasadena City College

Final Research Paper

No Loan? No American Dream of Homeownership

Nabil Bandi
Professor Ogden
English 1A/STAAC
27 April 2016

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Abstract
The American Dream can be interpreted by many people as the achievement of material and
high status living in the U.S.A., but in Eva Michaels essay What is the American Dream, she
states that it is the belief of the US-American Society where each individual can, through hard
work and strength of mind, achieve everything, This ethos is what probably drives people to
believe that achieving the American Dream is a must instead of a choice. Many people in the US
think this way because it is believed that through hard work this is possible, and even our
government and private institutions are there to promote equal opportunity to achieve equality in
this country. Many People in the United States have the problem of financial inequality and
opportunity. This problem has been most notable in real estate. Owning a home in America has
become a beacon of achievement of the American Dream, but many people are having a
difficult time to achieve it and being left out of the opportunity of entering homeownership, even
if first-time home buyers have many problems, but specifically the problem of applying for a
loan to buy a condominium.
First-time home buyers have many problems, but specifically the problem of applying for a loan
to buy a condominium. This discourse community provides the essentials to reflect on a problem
lower income buyers are facing, because it is hard for them to buy a single-family homes. First
time home buyers usually if in need of financial help, apply for an FHA loan, which gives them
the ability to purchase a home with only 3.5% down payment and possibly if they qualify, they
can apply for a grant for closing costs (fees charged by bank and loan officer) and any other
reason to use the money for. FHA loan programs is a federal guarantee that if the buyer defaults
(can no longer pay), the loan will be paid to the bank that issued the loan. Grants are a special
programs provided by some states, where they give you the money to help you with your
purchase, this is a gift of at least 3%, but only if you buy with an FHA loan. The program is
great, and it does facilitate the first-time homebuyer enter into ownership of a home. The
problem in major cities like Los Angeles, where prices of homes and rents have skyrocketed, it
has placed a lot of strain on first time homebuyers and even people who want to buy with a
conventional loans (without government help). In the article FHA Guidelines for Condo
Purchases it states: FHA back loans for condos: Purchaser must reside in the property full time
within 60 days of closing and occupy property for at least one year. Loans will be granted in any
complex that is on the approved complex list (1). The problem is that FHA has too many
guidelines in order to approve for a loan. Also, the property has to approve, but one of the major
problems facing consumers especially in major cities is that condominiums require the whole
building to be approved by the Department of Housing and Urban Development (HUD) which
controls FHA in order to approve a loan. Homeownership is a pivotal force in the American
economy to maintain equality and provide that opportunity to disenfranchised individuals and
families that need the opportunity to raise living standards and be row models for people in
similar situations. To see the light at the end of the tunnel it is necessary for the action required
from a aspiring home owners and the federal agencies have to deposit more faith in community
building and not just go by numbers and statistics that say people that don't fit the guidelines for

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single-family homes or condominiums are the only mechanism and criteria to be utilized to
approve a buyer.
Thesis:
Federal Housing Administration should relax strict guidelines to purchase condos. If buyers
are able to enter homeownership easier the economic prosperity for lower income individuals
and families will happen.
Outline
I American Dream
A. What does it mean to Americans
B. Why is it important?
C. Right or a privilege
II. Discourse Community
A. Definition of discourse community
1. Discourse community as groups
2. Discourse community have many things in common
B. Why they organize
C. Who are the discourse communities
III. Description of what the Federal Housing Administration (FHA) is
A. Brief history of the FHA
B. Why is the FHA created
C. How is FHA helping and affecting homebuyers
IV. Details on how homebuyers are affected by FHA guidelines
A. FHA restrictions on Condominiums
B. FHA restrictions on the entire complex
C. FHA restrictions on home owners associations solvency
V. Why is it so important for first-time homebuyers to acquire condos?
A. Reaching the American Dream

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B. Seeking equality and opportunity

C. Wealth Creation
1. More opportunity for education
2. Escalating the social status
VI. Why is it so important to create wealth?
A. Equal Opportunity
1. To have access to the same opportunity many Americans have
2. To have the chance to reach the American Dream
B. To create profit
1. Pass it on to your children and family
2. To have more comfortable life

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I.
II.

No Loan? No American Dream of Homeownership

The American Dream can be interpreted by many people as the

achievement of material and high status living in the U.S.A., in Eva Michels essay What
is the American Dream, she writes, it is the belief of the US-American Society where
each individual can, through hard work and strength of mind, achieve everything (4).
This ethos is what probably drives people to believe that achieving the American
Dream is a must instead of a choice. Many people in the United States think this way
because it is believed that through hard work this is possible, and even our governments
and private institutions are there to promote equal opportunity to achieve equality in this
country. In the United States the problem of financial inequality and opportunity is very
notable in real estate, and owning a home in America has become a beacon of
achievement of the American Dream, however a great portion of the population are
having a difficult time achieving it, being left out of the opportunity of entering
homeownership, even if qualified for a bank loan.
III.

As a realtor, I have learned how to alter my communication style so that I

can work with different types of homebuyers. Every homebuyer comes from a
different discourse community, in the article The Concept of Discourse
Community John Swales defines it, groups that have goals or purposes, and use
communication to achieve this goals (p.471). I understand that my duty as a
realtor is to accommodate the buyer by understanding the kind of discourse
community from which the buyer comes from. I've learned how to do this through
having discussions with my colleagues, reading literature in my field, and
developing responsibility for how I use the knowledge I gained.

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IV.

As realtors progress with real estate discussions, the discourse community

of home buyers, especially first-time homebuyers rely on the detailed information to

understand better the decisions they have to make when it comes to purchasing a home.
Realtors are able to determine the purpose of the appropriate discussion by listening to
the issues and how they are affecting the community. Realtors themselves belong to the
discourse community of realtors which help another discourse community that needs
their professional advice, especially from first-time homebuyers. Hertzberg mentions:
Use of the term discourse community testifies to the increasingly common assumption
that discourse operates within conventions defined by communities be they be academic
disciplines or social groups.(qtd. in Swales 468). Other groups of people gather and
socialize and create associations to establish a method of communication and the ability
to have force to have more weight when trying to make changes for the benefit of the
community. For example the community of real estate agents which have formed the
National Association of Realtors (NAR).
V.

The National Association of Realtors (NAR) and California Association of

Realtors (CAR) are also a discourse communities that engages with another in order to
provide beneficial information to promote homeownership. The responsibility and the
voice of CAR to engage with the discourse communities of buyers is a priority which
definitely help homebuyers get a voice in order to change the status quo. NAR and CAR
lobby to promote homeownership and inform realtors and consumers of laws and changes
that may affect the country, state and cities and local communities to all people. Recently,
in the article NAR Advocates The Expanding American Homeownership Act includes
increasing loan limits, eliminating the statutory 3 percent minimum cash investment and

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downpayment calculation, allowing for extended loan terms from 30 to 40 years (NAR
Advocates Long Overdue FHA Reforms to Increase Homeownership Opportunities 2),
an example of the type of lobbying NAR does at the federal level to try to persuade
change. Also, Approving these reforms will go a long way to boost our nation's
homeownership rate, particularly among minority homebuyers who have lower rates that
the national average (qtd. in NAR Supports FHA Reform 1). Loan programs
promoted by the federal government are there to help the community, and they have, but
some of the strict guidelines used, especially when trying to buy a condominium are not
benefiting some first-time homebuyers because of the strict guidelines FHA has. CAR not
only is there for realtors, but provides plenty of information through their website
www.car.org to inform about the issues facing the real estate industry in California.
VI.

The discourse community of first-time home buyers require special

attention because they are entering the world of possible homeownership. With my
experience as a realtor, this is not an easy task, because they are worried of entering to
such a big commitment and they are especially afraid of making the wrong decision,
however they are very excited and nervous of buying their first home, which means that
failure to secure a client as a realtor may be difficult because of the emotional
rollercoaster. For buyers being able to know what is in their best interest is a difficult
and a confusing task. As they go through the process of learning how to deal with the
hurdles of buying a home and the real estate industrys procedures, their challenge
remains their ability to secure a loan for the purchase of a home with a smooth
transaction. Communities need financing with a low down payment and getting the loans
might be a very difficult task to navigate, especially when the lexicon and definitions

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might be too difficult to follow. That is why realtors advocate for the real estate
consumers and themselves:
VII.

NAR also has a lead role in forming a new coalition whose mission is to

advance overdue reforms for FHA in Congress. The Coalition for a Strong FHA is
composed of housing industry leaders including the National Association of
Home Builders, National Council of State Housing Agencies, National
Association of Independent Mortgage Bankers/Lenders One, National Association
of Hispanic Real Estate Professionals, National Association of Real Estate
Brokers, National Association of Local Housing Finance Agencies, Asian Real
Estate Association of America, and the Strategic Alliance for Mortgage
Subsidiaries. (NAR Supports FHA Reform 1)
VIII.

Home buyers need attention and they seek help from real estate members to have
an avenue to convey their grievances. In this case, they can send their concerns
about the procedures needed to buy a home and the many obstacles they have to
surpass in order to become part of the community of homeowners. The main
problems are with their financial needs, especially when using Federal Housing
Administration (FHA) loans.
IX.

FHA loans are loans that are guaranteed by the federal government in case

a buyer defaults on their payment. FHA does not fund the buyer, the bank does, but they
insure the bank in case anything goes wrong. The federal program is magnificent and it
was started in 1934 and signed into law by Franklin D. Roosevelt to promote
homeownership across the nation. FHA was established during the Great Depression to
promote homeownership and to this day, it is one of the many programs first-time

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homebuyers use to purchase a home. It has the advantages of a low down payment,
making it very accessible to lower income individuals and families to get into
homeownership status. Swanson states in his article FHA Sends Buyers Through Hoops
to Get Financing for Condos that The Federal Housing Administration, which now
insures about 50 percent of the nations single-family mortgages and even a higher
percentage of financing for first-time homebuyers (2), It has been a great program that
has been around for many years, but with time, many of its guidelines can slow down the
main intention of the federal program, which is to promote homeownership across the
nation.
X.

First-time home buyers have many problems, but specifically the problem
of applying for a loan to buy a condominium. This discourse community provides
the essentials to reflect on a problem lower income buyers are facing, because it is
hard for them to buy a single-family homes. First time home buyers usually if in
need of financial help, apply for an FHA loan, which gives them the ability to
purchase a home with only 3.5% down payment and possibly if they qualify, they
can apply for a grant for closing costs (fees charged by bank and loan officer) and
any other reason to use the money for. FHA loan programs is a federal guarantee
that if the buyer defaults (can no longer pay), the loan will be paid to the bank that
issued the loan. Grants are a special programs provided by some states, where
they give you the money to help you with your purchase, this is a gift of at least
3%, but only if you buy with an FHA loan. The program is great, and it does
facilitate the first-time homebuyer enter into ownership of a home. The problem
in major cities like Los Angeles, where prices of homes and rents have

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skyrocketed, it has placed a lot of strain on first time homebuyers and even people
who want to buy with a conventional loans (without government help). In the
article FHA Guidelines for Condo Purchases it states: FHA back loans for
condos: Purchaser must reside in the property full time within 60 days of closing
and occupy property for at least one year. Loans will be granted in any complex
that is on the approved complex list (1). The problem is that FHA has too many
guidelines in order to approve for a loan. Also, the property has to approve, but
one of the major problems facing consumers especially in major cities is that
condominiums require the whole building to be approved by the Department of
Housing and Urban Development (HUD) which controls FHA in order to approve
a loan.
XI.

When an FHA loan is approved to purchase a condominium, the condo

and the purchaser must comply with the guidelines. In the article FHA Guidelines for
Condo Purchases it declares:
XII.

FHA back loans for condos: Purchaser must reside in the property full

time within 60 days of closing and occupy property for at least one year. Loans
will be granted in any complex that is on the "approved" complex list.
Unfortunately there are no complexes currently "approved" in Windham country,
which means all complexes would have to qualify with a "spot approval"
guideline check. To meet the spot approval guidelines a complex must be
completed. Control of the project must be turned over to the HOA for at least one
year. The HOA must provide evidence of appropriate hazard, liability and flood
insurance. 51 percent or more of the units in the complex must be owner occupied

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(full time residences). No single entity can hold more the 10 percent ownership in
the complex. No more the 10 percent of the units can be held with FHA back
mortgages. (Unless the complex has less the 30 units in which case it can be 20
percent FHA backed.)
XIII.

This quote mentions Windham County, but FHA is federal and it applies to most
of the country. Buyers that are approved for a loan, sometimes are unable to buy
because of this restriction. Homeowner's Associations (HOAs) must provide their
financial books to prove solvency for HOA dues from tenants and ownership
requirements of occupiers of the property as a whole (meaning all condos) to be
able to give the green light for a loan. Kenneth Harney said in his article FHA
prepares revisions to rules that make sale of condo units more difficult
delinquent condo association fee payments. FHA refuses to approve a project
where more than 15 percent of the units are 30 days or more behind on payments
of condo fees to the association. Given the state of the economy, this has been a
problem for thousands of associations, even in relatively prosperous markets.
FHA absolutely has to revise this if it want to help increase homeowners rate.
XIV.

There are additional restrictions on single family and condominiums.

Many of these restrictions are the need of homes to be in livable condition and the need
of many of the systems in the home to be in working conditions, creating a problem for
sellers, because they know their homes need to be in optimal condition to sell, sometimes
not accepting the offers or wanting more than the expected price their asking. They want
more than asking price in case of the need to repair or update the home for the sale to go
through. That is for single-family homes and condominiums. In the article Pressure

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Mounts in FHA to Relax Condominium Rules informs us Kevin Kelly, president of the
National Association of Home Builders, testified that reducing the restrictions in FHA
condo financing will assist first-time buyers and condo owners who want to move up to a
single-family detached home. Condominiums are critical to the natural progression of
homeownership and provide affordable solutions, Kelly said in a written statement.
(Collins 3), noting how restrictions affect homeownership rates.
XV.

For that reason, buyers who plan to finance their purchases with FHA-

insured loans and are interested in a particular condo property would want to be certain
the project is on the approved list, otherwise buyers could be spinning their wheels for
a long time. Realizing that buying a condo with an FHA loan option can be a long or a
process that might not happen making the buyers and the seller's motivation very low.
Sichelman in his article Condo Sellers Should Get and FHA Approval mentions that:
According to the government, the vast majority of requests for FHA approval go
through smoothly. A problem with any one of the rules can set the approval process back
by weeks (3). Unfortunately this situation leads buyers to hold back on the buying
process altogether.
XVI. In my experience as a realtor, I found that single-family homes are much
more expensive than condominiums in their respective neighborhoods, and the price
difference could be 20 to 40 percent more expensive than condominiums, making the
purchase of a single family dwelling very difficult especially in Los Angeles and I could
imagine in most major cities. Therefore, the combination of expensive single-family
homes and the inability to be able to buy condominiums, puts a strain on home
ownership. People with low incomes are obligated to rent at high prices in neighborhoods

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they don't want to live in and that don't provide good schools for their children. But that
is not the only problem, this situation goes beyond an immediate need to satisfy the
American Dream, which is to own a home. President Obama in August 2013 said in a
speech in Phoenix A home is supposed to be our ultimate evidence that in America, hard
work pays off, that responsibility is rewarded. One the major problem is the amount of
money that goes to pay rent without that money ever being able to grow someones assets
and create profit. Wealth creation is at a halt, making the average person forced to live in
a neighborhood or having to pay rent for long periods of time or maybe forever, losing
the opportunity to create wealth, to pass it on to their family and to remain in a vicious
cycle of poverty.
XVII. Real estate appraisal (reaching the value of a property) and FHA
guidelines are there to help the first-time homebuyer, but the discourse communities of
buyers and realtors have to be able to find solutions and offer a better way to own a
property and advocate for change in the industry. The FHA and states real estate
departments have to issue major changes to create solutions to an epidemic that is
creating low income families to remain poor for lifetimes and their generations too. Real
estate is not just a home, but the opportunity of a regular, salaried person to create wealth
with the passing of time, helping the next generation who will benefit tremendously with
better schools, better neighborhood and wealth. In the article Home ownership and
Wealth Creation it insists that Renting can make sense as a lifestyle choice or because
of income constraints. As a means to building wealth, however, there is no practical
substitute for homeownership (3). Noting that having a mortgage for some time can lead
to wealth creation with the passing of time.

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XVIII. Neighborhoods need to thrive, and if the process of acquiring a home is

too restricted, the neighborhoods positive changes stall. One of the major reasons banks
charge more interest on commercial real estate loans than with residential loans is
because residential owners have more intention to do what it takes to pay and keep the
mortgage well paid on time. On Loan.com it states that: For a commercial loan, again
because the risk is considered higher, a 10-year payout is typical. As with residential
mortgages, anything is negotiable, but business properties often are sold to long-term
investors before the 10-year period is up ("Commercial vs. Residential Loan Terms: 4
Key Differences. 1). The main reason is because everybody needs a place to live, and
everybody will fight to do to so and to keep their home. If buyers are not able to buy and
enter the homeownership status, their incentives for keeping up the properties and
neighborhoods diminishes and other intentions that are linked to owning a home are
affected, like school districts. If school districts are not kept well, because of lack of
ownership, property taxes needed to fund and maintain those schools are affected because
of the lack of funds needed for the upkeep. The process becomes a vicious cycle that
makes it very hard to get out from, as a buyer and as an owner. As an owner is very hard
to sale at a good price, and to receive clientele who are motivated to change the
neighborhood without ownership, and the buyer must remain if he or she cannot move
the economic ladder because of restrictions placed on properties he or she can afford, like
condominiums. The process of changing the neighborhood for the better takes time and
money, something first time homebuyers cannot wait because of the immediate need of
education for their children. Renters that don't have any skin in the game to maintain
their properties and neighborhoods would change dramatically as long as they have

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ownership of the occupying single family homes and condominiums. llycw Glink and
Samuel J. Tamkin in the article Too many rentals in neighborhood can cause property
values to stagnate they claim that:
XIX. If you have too many rental properties in a neighborhood of single-family
homes, it can cause property prices to stagnate or even drop. Thats because
tenants dont always maintain homes to the level that owners who actually live in
the property do. When homes get rundown, the whole neighborhood suffers. (2)
Intention is big factor in maintaining the neighborhood and property.
XX.

The FHA application process which is tedious and does not provide a

simple process for buyers and realtors to verify if condominiums are approved. The FHA
condo lookup website for approved condominiums needs the name of the homeowners
association that runs it and it does not offer a simpler way for the search. You cannot
search the website by property address. With this difficulty, it puts a very difficult strain
for realtors and buyers to search for condos and that information enables buyers and
realtors to save time and money to look for the right property in their community. If this
changes are implemented, the opportunity for many homebuyers will change
dramatically, influencing many areas of their lives. One main area that can influence their
life for the positive is a better education. Incentives attributed to homeownership go hand
in hand with better school districts. This positive manifestation of building up and
maintaining the neighborhood benefits the community in a positive way where incentives
not only motivates their children for a better education, but it also gives the community
the drive to maintain a job, make the payments for a mortgage and maintain in their
neighborhood looking nice.

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XXI. The FHA should go back to remember why it was created. To go back to
look at their mission statement or re-write it and follow the oath of helping people
achieve homeownership. The process of applying for an approval of a condominium
should be enhanced and made easier and determine if hard restrictions really benefit their
default rate prevention. FHA has to make an assessment and evaluate if in the long run,
having people without the opportunity of purchasing a home is far better than the status
quo. FHA has the power to change those regulations and the discourse communities the
chance to let them know about their grievances to effectively promote change and the
chance to enter homeownership
XXII. .The American Dream is probably one of main things almost all aspire
to accomplish and it not only means to have material things and live comfortably, but it
also means that you have opportunity to reach a decent living, to have a roof over your
head and have the ability to create wealth for prosperity. Equal opportunity can be
measured by the chance to have everything in America, and the will to advance and
institutions that offer a helping hand when needed, and it would balance out the unequal
opportunities a person is born in. This is what American Exceptionalism can be. Owning
a home is a major part of the American Dream but it means more than a roof over your
head, it means the chance to be living the blessing that Americans aspire and want.
XXIII. Homeownership is a pivotal force in the American economy to maintain
equality and provide that opportunity to disenfranchised individuals and families that
need the opportunity to raise living standards and be row models for people in similar
situations. To see the light at the end of the tunnel it is necessary for the action required
from a aspiring home owners and the federal agencies have to deposit more faith in

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community building and not just go by numbers and statistics that say people that don't fit
the guidelines for single-family homes or condominiums are the only mechanism and
criteria to be utilized to approve a buyer.
XXIV.
XXV.
XXVI.
XXVII.
XXVIII.
XXIX.
XXX.
XXXI.
XXXII.
XXXIII.
XXXIV.
XXXV.
XXXVI.
XXXVII.
XXXVIII.
XXXIX.
XL.
XLI.
XLII.
XLIII.
XLIV.
XLV.
XLVI.
XLVII.

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XLVIII.

Works Cited

XLIX. Collins, Brian. "Pressure Mounts on FHA to Relax Condominium Rules." National
Mortgage News 40.6 (2015): 4. ProQuest. Web. 8 May 2016.
L.
LI.

"FHA Guidelines for Condo Purchases." The Brattleboro Reformer. Jul 02 2009.
ProQuest. Web. 7 May 2016.

LII.
LIII.

Harney, Kenneth R.FHA prepares revisions to rules that make sale of condo units more
difficult. April 2016. PDF file.

LIV.
LV.

Lew Sichelman. Condo sellers should get FHA approval: With more buyers using loan
agency, it's best to follow its stricter policies April. PDF file.

LVI.
LVII. US Wire."NAR Advocates Long Overdue FHA Reforms to Increase Homeownership
Opportunities. May 2016. PDF file.
LVIII.
LIX.

Swales, John. ''The Concept of Discourse Community. April 2016. PDF file. Print.

LX.
LXI.

Michels, Eva. What is the American Dream? The American Dream. Web. 07 May 2016

LXII.
LXIII. "NAR Supports FHA Reform | Archive.realtor.org." NAR Supports FHA Reform |
Archive.realtor.org. 20 June 2006. Web. 07 May 2016.
LXIV.
LXV.

Quercia, Roberto G., and Kevin A. Park. "The Public Purpose of FHA." Cityscape 15.3
(2013): 277-94. ProQuest. Web. 8 May 2016.

LXVI.
LXVII.Barack, Obama. Remarks by the President on Responsible Homeownership. Desert
Vista High School. Phoenix, AZ. 06 August 2013. Keynote address.
LXVIII.
LXIX. "Homeownership and Wealth Creation." The New York Times. The New York Times,
2014. Web. 07 May 2016.

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LXX.
LXXI. "Commercial vs. Residential Loan Terms: 4 Key Differences." - Loan.com. Web. 09 May
2016.
LXXII.
LXXIII.
LXXIV.
LXXV.
LXXVI.
LXXVII.
LXXVIII.
LXXIX.
LXXX.
LXXXI.
LXXXII.
LXXXIII.
LXXXIV.
LXXXV.
LXXXVI.
LXXXVII.
LXXXVIII.
LXXXIX.
XC.
XCI.
XCII.
XCIII.
XCIV.
XCV.
XCVI.
XCVII.

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XCVIII.

Annotated Bibliography

XCIX. Collins, Brian. "Pressure Mounts on FHA to Relax Condominium Rules." April 2016.
PDF file.
C.

The author explains how fha doesnt have relaxed policies regarding the approval
of condos and that congressman are seeking to change the status quo in order to
promote homeownership to frits-time homebuyers and urban families.

CI.
CII.

"FHA Guidelines for Condo Purchases." April 2016. PDF file.

CIII.

The author gives a glimpse of how FHA rules are hampering condo sales and
some of the requirements, like the requirement that at least 50% of the complex
must be owner-occupied in order to approve. These guidelines certainly disqualify
most of the condos described in his article and the problem it poses to owners of
the buildings.

CIV.
CV.

Harney, Kenneth R.FHA prepares revisions to rules that make sale of condo units more
difficult. April 2016. PDF file.
CVI.

Stricter rules have made the sale of condos more difficult and FHA has prepared
revisions to streamline the process of buying FHA approved condominiums. The
move comes because they have seen that many are requiring the softening of the
rules in order to promote home buying for first-time buyers and change the
dynamics of the process

CVII.
CVIII. Lew Sichelman. Condo sellers should get FHA approval: With more buyers using loan
agency, it's best to follow its stricter policies April. PDF file.
CIX.

Condo sellers should get approval for the condominiums the author says. The
stricter policies can help them sell their condos faster when a growing market of
homebuyers are seeking loans with no FHA restrictions and can easily sell the
condominiums with those programs. If sellers get approved, their opportunity to
sell increases.

CX.
CXI.

US Wire."NAR Advocates Long Overdue FHA Reforms to Increase

Homeownership Opportunities. May 2016. PDF file.

CXII. Loans officers and realtor are getting worried when first-time homebuyers are
asking to buy condos with FHA. They need to seek different loans programs that
can help them achieve condominium buying

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CXIII.
CXIV. Swales, John. ''The Concept of Discourse Community. April 2016. PDF file. Print.
CXV. John Swales defines what discourse community is and how they become a
discourse community. The author explains that groups when they have common
goals they may unite and have one voice and become a discourse community to
which they can just be part of a group that uses the same language and actions that
define them.
CXVI.
CXVII.
Michels, Eva. What is the American Dream? The American Dream.
Web. 07 May 2016
CXVIII.
The author tries to define what the American Dream means to
Americans. The meaning may be different for many people, and depending on
what you look like and what your social status is, the definition might vary.
Though, the land of opportunities is one of the major components that probably
all types of people find in common when it comes to defining what the American
Dream is.
CXIX.
CXX. "NAR Supports FHA Reform | Archive.realtor.org." NAR Supports FHA Reform |
Archive.realtor.org. 20 June 2006. Web. 07 May 2016.
CXXI.
CXXII.
How FHA reforms might improve home rates in the United States. The
author clearly defines the connection between strict guidelines and the process of
buying a home, and how this can create changes of laws are passed and change. It
can definitely help buyers especially minority buyer that seem to be hit the
hardest. It also mentions how realtors care deep about housing opportunities and
to advocate for changes and reforms to current laws.
CXXIII.
CXXIV.
CXXV.
CXXVI.
CXXVII.