Did you know that a FHA loan can be the single most forgiving loan to purchase or refinance your home? This federally insured loan is managed by the Federal Housing Administration, and serves to provide homeownership to families that might not other wise qualify for some mainstream mortgage products.
Congress created the Federal Housing Administration in 1934 following the “Great Depression. When FHA mortgages were created two million workers had lost their jobs, existing mortgage terms were difficult if not impossible to meet. The mandate was to provide homeownership to displaced victims of economic oppression. In 1965 FHA became a part of the Department of Housing and Urban Development (HUD). FHA is the only government agency that operates entirely from its self generated income and cost the tax payers nothing!
Why You Should Consider FHA Mortgages:
FHA does not actually fund loans but rather insure banks against potential financial loss in the event a homeowner does eventually default. This insurance is included within the monthly payment homeowners make. The term is mortgage insurance and it is calculated as a minor percentage of the total amount that you may borrow from a bank.
Stop to consider a FHA loan before accepting other financing alternatives. Consult with a Real Estate Lawyer about the tremendous benefits available with a FHA loan.
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