fha: FHA Loan – Do I have to be a first time home buyer?
- 06/25/14 01:31 AM
FHA stands for Federal Housing Administration. It is a United States government agency created as part of the National Housing Act of 1934. It sets standards for construction and underwriting and insures loans made by banks and other private lenders for home building.
In 1965 the Federal Housing Administration became part of the Department of Housing and Urban Development (HUD). Since 1934, the FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages.
At a point in time FHA loans were geared and marketed primarily to first-time buyers and to those that had little money for down-payment. … (1 comments)
By James Beech Real Estate Consultant with BronxValueHomes.com and Besmatch Real Estate May 14 2014
HousingWire recently ran a story about the new Federal Housing Administration (FHA) program, where it found that it could have a significant change on the mortgage landscape. What does this mean for homeowners or people that would like to own a house in the Bronx? It means if you are idling about making your home purchase, you are about to get an incentive to make a move. It’s time to get a great deal. A Great … (0 comments)
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