The Federal Housing Administration has been helping Americans get loans for over 70 years. Heres an overview of the Administration, better known as the FHA.
Federal Housing Administration
The Federal Housing Administration is, ironically, more of an insurer than anything else. The FHA does not provide mortgage loans to you and me. Instead, it insurers mortgage and home loans provided to us. This makes lenders more willing to write loans for people that otherwise would be frowned upon.
The insurance aspect of the FHA is a fairly common tool used by the federal government to promote a specific behavior. Student loans are a classic example. An 18-year-old person typically couldnt qualify for a loan to by a sandwich, but student loans are plentiful and easy to get. This is because the federal government wants to promote education and does so by guaranteeing the loans. If you fail to pay the lender back, the government is on the hook. The FHA provides similar insurance for the purpose of promoting homeownership in the United States. In fact, the FHA is biggest mortgage insurer in the world, doing so for over 30 million mortgages since it was created in the...
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