Financing can be difficult for people in the US, who don’t have a bank account or credit card.
But that’s about to change.
The US Federal Reserve is set to loosen restrictions on mortgages, making it easier for people to borrow money to buy a home in their own neighborhood.
The Federal Reserve also is relaxing rules that restrict how much borrowers can borrow.
The rules will allow banks to offer loans to people with incomes up to about $1 million and for borrowers who make between $40,000 and $75,000 per year.
The Fed said the changes will also help to encourage homebuyers to get into the mortgage market, and ease restrictions on the types of loans they can take on.
The rules were announced Wednesday and were expected to be announced Thursday.
The move is intended to spur more homebuyer purchases, the Fed said, but will also make it easier to get financing.
The changes were announced in response to a wave of home sales that have been booming in recent months.
The number of people with homes worth more than $1.2 million has climbed to 1.8 million since the end of March, according to the Federal Reserve.
About 2.1 million homes have been sold in 2017.
The new rules also will allow people to refinance mortgages at up to 8 percent interest, up from 5 percent.
The financial sector is not the only place that has been seeing an uptick in interest rates in recent years.
The stock market is on pace to hit record highs in 2017, with investors hoping that higher rates could push more of their money into stocks.
The latest interest rate hike, however, is unlikely to help the market.
The U.S. Treasury and Federal Reserve said Wednesday that they expect the U. S. economy will grow 2.3 percent in 2017 as more households save and spend.
They expect economic growth to be flat in 2018 and 2019.