FHA loans are federally assisted mortgage loans in the United States that are insured by the Federal Housing Administration. They are usually given to customers by federally qualified lenders or lenders that participate in the program. FHA loans have been known to help lower income Americans borrow money to purchase a home when they would not otherwise be able to.
The FHA programs were started in the era of the Great Depression to help with the financing of military housing as well as housing for veterans returning home along with their families. From the 1950's through the 1970's, the FHA helped stimulate the growth of many privately owned apartments for the handicapped, lower income Americans and the elderly. When the cost of energy and inflation threatened to kill the dreams of those looking for homes, FHA programs also came to the rescue of the many homeowners wishing to purchase homes at a time when there were threats of a deep recession.
FHA loans can help you in some of the following ways:
- Buying your first home
- Buying a fixer-upper
- Giving seniors financial help
- Providing FHA Energy-Efficient Mortgages
- Financing for mobile homes and factory-built housing
- Low down payments & low closing costs
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