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WHAT IS AN FHA LOAN?
The Federal Housing Administration (FHA) was established in 1934 to improve housing standards
and conditions and to provide an adequate home financing system through insurance
of mortgages. Families that would otherwise be excluded from the housing market were finally
able to buy the homes of their dreams.
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 During the 1940s, FHA programs helped to finance military housing and then homes for
returning veterans and their families.
In the '50s, '60s and '70s, FHA helped to stimulate the production of millions of units
of privately owned apartments for elderly, handicapped, and lower income Americans.
When soaring inflation and energy costs in the 1970s threatened the economic
viability of thousands of private apartment buildings, FHA's emergency financing
kept cash-strapped properties afloat.
When a deep recession prompted private mortgage insurers to pull out of oil producing
states in the 1980s, FHA moved in to stabilize falling home prices. During the
difficult '80s, FHA programs made it possible for potential homebuyers to get the
financing they needed.
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In the more than 60 years since inception of the FHA, a great deal has changed and
Americans are now arguably the best housed people in the world. FHA has contributed
substantially to that achievement.
Today, FHA is particularly important to minority and first-time homebuyers. With the
National Homeownership Strategy in place since 1995, FHA has placed a great deal of
emphasis on marketing and outreach to minorities and first-time homebuyers.
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In 1995, FHA piloted the Safe Neighborhood Action
Plan (SNAP) in 14 urban communities to improve life in HUD-assisted project areas. With
volunteers from the AmeriCorp Volunteer Service, the SNAP initiative is focused
on eliminating drugs and crime in high-risk urban areas. SNAP has also provided
after-school programs and other organized activities for project residents.
FHA has also fostered Neighborhood Network Centers in rental projects to help
community residents become more self-sufficient and employable. The Centers
provide opportunities to assisted housing residents for learning computer job
skills. Many Centers have tutors from local colleges and area businesses and
operate with locally donated computer equipment.
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Refinance your
FHA HOME LOAN
FHALoan.com is a private mortgage company specializing in fha home loans and is not associated with the federal government or HUD / FHA.
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