FHAinfoCenter_Logo
HouseDoIQualifyFHALogo1 HouseBuyingAHomeLogo1 Rehabmyhome ReverseMortgageHomeLogofull
OtherMortgagesLogo1
Gray Line

Loan Type:
Property Type:
Zip Code:
 
 

 

Gray Line Verticle

The History of FHA

Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development's (HUD) Office of Housing in 1965.

When the FHA was created, the housing industry was flat on its back:

Two million construction workers had lost their jobs.

Terms were difficult to meet for homebuyers seeking mortgages.

Mortgage loan terms were limited to 50 percent of the property's market value, with a repayment schedule spread over three to five years and ending with a balloon payment.

America was primarily a nation of renters. Only four in 10 households owned homes.

During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war.

In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA's emergency financing kept cash-strapped properties afloat.

The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s.

By 2001, the nation's homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year.

The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.

In the more than 60 years since the FHA was created, much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success.

Gray Line

* Terms and Conditions Apply - Rate referenced above is guidance and is based on available rates from our lender network as of December 16, 2011 for a 7/1 adjustable rate refinance, a loan amount of $250,000 in Virginia, 2.675 discount points, at least 20% equity in the subject property, a single-family home, primary residence, minimum 740 credit score and verifiable income for the borrower(s). Rates mentioned in any advertising are guidance and are based on a sampling of available rates from our lender network. FHAInfoCenter  is not a lender. Specific rates and terms offered to our applicants by specific lenders and providers within the network may vary, though our lenders and providers understand they are in a competitive environment and offer highly-competitive rates directly to our applicants. Rates are subject to change daily without notice. Not available in all states. Payment amounts shown do not include taxes or insurance.

 

Applypage2

Apply Page3

What are you looking for?

FHAinfoMainPage

 

applypage4

Ohio FHA Mortgage
Pennsylvania FHA Mortgage
Indiana FHA Mortgage
Kentucky FHA Mortgage
Michigan FHA Mortgage

FHA Loan Limits

FHA By State

FHA FAQ’s

Site Map