The purpose of the FHA was recovery. It's recovery because it helped many families with their homes, repairing or insurance, by the government giving them a loan or mortgage.
G A M E S
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Where it all Started
The Federal Housing Administration, (FHA), was created in 1934 during the Great Depression. It was created to help single housed or multi housed families that were having trouble with their houses or hospitals insurance and to help the families in need they were given mortgages from the government to help. The FHA was the result of the current mortgage financial system and the FHA helped millions of families throughout the years. The FHA is still used today, but in 1965 it joined the HUD, ( Housing and Urban Development), and since 1934 both insured over 34 million home mortgages and about 47,000 multifamily mortgages.Once the FHA joined the HUD it greatly increased the success of how many Americans have better housing.
Federal Housing Administration Effects On Economy
Government Spending Increased
Confidence Building Increased
GDP No Change
Per Capita Income NoChange
You can get $25,000 with purchase price alterations, repairs, and site improvement, all in one loan.
100% of the financing is provided from the FHA mortage disater victim program for the destruction of your home.
Lower interest rates because of the rate you pay for the FHA loan is negotiated.
Can still quailify for a FHA loan even with a less-than-perfect credit.
FHA-approved lender can offer a loan to as low as 3.5% down for the down payment.
Helped 37 million home loans and over 47,000 multifamily projects.
During the 1940s the FHA helped military families who were returning from war.
FHA current economic rate is $17 billion
There are no pre-payment pentalites for FHA loans.
The FHA is the largset government insurer of mortgages in the world.