The Federal Housing Administration, generally known as “FHA”.
FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. Loans must meet certain requirements established by FHA to qualify to be insured by FHA.
FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. With such a large portfolio FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing.
The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
Here at Allied Pacific Financial we specialize in FHA loans and guidelines.
If you are looking to establish a FHA loan we are up-to-date on all information regarding them. Whether you’re a first time home-buyer, moving to a new home, or looking to refinance your existing conventional or FHA mortgage, the FHA loan program could be a viable option for you.
Please give us a call to learn more.