The FHA stands for the Federal Housing Administration. It is a government-owned corporation and was created under the National Housing Act in 1934. The Act was designed to help establish a common mortgage finance plan by way of balancing the current market, and to improve living standards. However, you are probably more familiar with HUD, the Department of Housing and Urban Development. In 1965, the FHA merged with the HUD to achieve these goals and more, together.
What does the FHA do?
The FHA is responsible for many different tasks related to housing. According to the FHA’s mission statement, it contributes to the creation and preservation of housing and communities that are safe, creates opportunities for homeownership, renting and healthcare, keeps the mortgage market stable, and is held accountable and values its employees, patrons, and customers. Peruse through more of our learning center below!
About the FHA
FHA Loans, Con’t
Rent to Buy
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Reference text: Mortgage Loans: What’s Right for You?, by James E. Bridges with Deborah J. Bridges. Copyright 1989, Published by Betterway Publications, Inc., Crozet, VA