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The Federal Housing Administration has become a lifeline for the flagging housing market. Nearly half of all first-time buyers looked to the agency for home loans in the second quarter of last year.
Ever since the housing crisis hit, homeowners unable to secure loans from private lenders -- which have gone back to requiring the traditional 20 percent down payment -- have relied on government ...
Hello, FHA! These. With the economy stalled and the housing market still sluggish, no one is sure what it will take to get buyers into new homes. Obtaining an affordable loan -- any loan, in many ...
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An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA mortgage insurance protects lenders against losses. [1] They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford.
Additionally, approval rates for mortgage loans among minority applicants remained exceedingly low. Beginning in 1935, the FHA instituted guidelines designed to discourage private mortgage investors from extending loans to properties in minority areas. This practice, known as redlining, was made illegal by the Fair Housing Act of 1968. [31]
Credit score minimum. 620. 580 with a 3.5% down payment or as low as 500 with at least 10% down. Down payment minimum. 3% for fixed-rate loans; 5% for adjustable-rate loans
It created the Federal Housing Administration (FHA) [3] and the Federal Savings and Loan Insurance Corporation (FSLIC). [4] The Act was designed to stop the tide of bank foreclosures on family homes during the Great Depression. Both the FHA and the FSLIC worked to create the backbone of the mortgage and home building industries, until the 1980s ...