Who is the FHA?
Many people imagine the FHA to be some secret, undercover
government agency, like the CIA or the FBI. Slow down!
The FHA is the Federal Housing Administration, a government agency created under the National Housing Act of 1934. During the Great Depression, the FHA helped spur homeownership and assisted in the revival of the economy. The creation of the FHA is unquestionably one of President Franklin Delano Roosevelt's greatest achievements during that time. Today, the FHA is one of the most flexible loans when it comes to helping people with less than perfect credit, job changes, or those who have little money to work with or need gift money to achieve homeownership.
An FHA-insured home mortgage loan is an extremely safe, conservative, traditional loan, which has been around for nearly a century. Here are some of the things that an FHA mortgage loan allows for: past bankruptcy, prior foreclosure, gift money to be used for the down payment, parents or relatives to help cosign, renovation financing (which provides the money to make repairs, upgrades, or purchase appliances), collections do not have to be payed off, credit scores as low as 500 to still qualify for financing, state and federal tax liens do not have to be payed off, and many other things, which is why it is such a safe and flexible loan.
Liberty Home Mortgage is one of the nation's leading FHA mortgage lending experts. Call us today to see how an FHA mortgage loan can help you achieve the dream of homeownership.