Federal Housing Administration (FHA)

The Federal Housing Administration (FHA) is a United States government agency as part of the 
National Housing Act of 1934. 

The goals were:

• To improve the housing standards& provide home financing through insurance of mortgage loans 
• Stabilize the mortgage market. 

4 out of 10 of the American population were renters
The new practices allowed a number of people who could afford the down payment and monthly payments.

When the FHA was first introduced to Americans, the industry was "flat on it's back".
Over 2 million construction workers were without jobs.
The terms for those who were seeking a mortgage were difficult to meet.

1965: It became part of the Department of Housing & Urban Development Office, aka HUD. 

1940's: The FHA helped finance military housing and homes for the  veterans returning from the war. 

1950's & 1960's: helped spark production of million of privately owned apartments for elderly and handicapped,as well as lower income Americans. 

1970's: Thousands of apartment building were struggling to survive, the FHA's emergency financing kept troubled properties a float. 

1980's: Home prices were on a steady decrease & the possibilities for potential home buyers to get financing they needed during the recession.

2001: Nations home ownership rate has soared to an all time high of 68.1%

The FHA insures the loan so the lender will offer a better deal!

The government insures FHA Loans, making the home the collateral and giving lenders protection against default.

Who is eligible?

• First-time Home-buyers
• Low Income Households
• Low Credit Scores
• Poor Credit History
• Bankruptcy
• $0 Out of pocket cash

The Advantages to FHA?

• Smaller down payment (3%)
• Lower Costs & closing cost can be included in mortgage
• Easier to qualify
• Flexible Credit Guidelines
• No income requirements

Tip for First Time Home Buyers- By making your FHA Loan payments on time, you are building your credit and equity, you'll have the option to refinance into a conventional loan, with even better rates and NO MORTGAGE INSURANCE.

"Take the first step to home ownership and contact me for more information about 

FHA Loans!