What is the Federal Housing Administration (FHA)?
The Federal Housing Administration was created in 1934 by the National Housing Act, in order to promote home construction and reduce unemployment. The FHA operates a range of loan insurance programs, but builds no properties and makes no loans.
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The Federal Housing Administration was created in 1934 by the National Housing Act, in order to promote home construction and reduce unemployment. The FHA operates a range of loan insurance programs, but builds no properties and makes no loans. Today, the FHA is part of the Department of Housing and Urban Development (HUD), and insures both single-family mortgages, and multifamily mortgages under the HUD 221(d)(4), HUD 223(f), HUD 232, and HUD 232/223(f) programs, among others.
TO LEARN MORE ABOUT FHA 223F LOANS, FILL OUT THE FORM BELOW AND A HUD LENDING EXPERT WILL GET IN TOUCH.
Related Questions
What is the purpose of the Federal Housing Administration (FHA)?
The main purpose of the FHA is to insure residential real estate loans. It provides financing for multifamily builders and developers through its FHA 221(d)(4) loan program, and has many benefits for both individual home purchasers and multifamily developers, such as smaller down payments, more competitive interest rates, and fewer fees than similarly-sized privately insured mortgage loans.
What types of loans does the Federal Housing Administration (FHA) offer?
The Federal Housing Administration (FHA) offers a variety of loan programs, including the 203(b) and 203(k) loan programs for single-family homes, duplexes, triplexes, and quadplexes; the HUD 221(d)(4) program for multifamily and healthcare properties; the HUD 223(f) loan program for existing multifamily developments; and the HUD 232 loan program for the construction or rehabilitation of assisted-living, senior, or skilled-nursing facilities.
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What are the eligibility requirements for a Federal Housing Administration (FHA) loan?
For-profit, nonprofit, and public borrowers are eligible for a Federal Housing Administration (FHA) loan. This group may include investors, developers, builders, and nonprofit entities. FHA & HUD require borrowers to be experienced owner-operators of similar facilities. Credit and financial capacity requirements must also be met. If required by a designated State agency, a Certificate of Need must be submitted.
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What are the benefits of a Federal Housing Administration (FHA) loan?
The Federal Housing Administration (FHA) offers many benefits for both individual home purchasers and multifamily developers. These loans generally require smaller down payments, have more competitive interest rates, and have fewer fees than similarly-sized privately insured mortgage loans.
How do I apply for a Federal Housing Administration (FHA) loan?
To apply for an FHA loan, you'll need to find an FHA licensed lender and get all your documentation and approval from the Federal Housing Administration (FHA). You'll also need to fill out Byrd Amendment paperwork, which is intended to make sure no illegal lobbying or lobbyist-based conflicts of interest are likely to occur as a result of the project. Additionally, you'll need to submit Form HUD-92013, in which you must disclose any recent legal actions regarding parties involved in the project. This is especially important if the legal actions are related to delinquent federal debt. To check out the full list of documents you'll need to apply for an FHA loan, visit our FHA/HUD 221(d)(4) loan checklist.