FHA Loans Provide Hope for Home Ownership Essay

FHA Loans Provide Hope for Home Ownership Essay

Length: 479 words (1.4 double-spaced pages)

Rating: Good Essays

Open Document

Essay Preview

With the tight credit market that has currently gripped the mortgage industry due to the Great Recession, many people have thought that owning a home is beyond their reach. The banks and other financial institutions seem to not be willing to loan anyone money for a home without the borrower being able to meet requirements of having at least 25% down payments and extremely good credit scores. However, there is hope thanks to the Federal Housing Administration or FHA.

Formed at the height of the Great Depression in 1934, the Federal Housing Administration has made home ownership possible for many families. FHA loans are designed to provide mortgages to those who might otherwise not be able to get a home. Since it was first founded, the FHA has insured over 37 million mortgages in the US. Currently, the FHA insures more loans than any other governmental agency.

Because FHA loans are designed to help people be able to afford to own a home, the approval process is easier than for a conventional 30 year mortgage loan. Typically, the loans available through the FHA only require a do...

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

The Department of Defense and Payday Loans Essay

- Over the past several years, members of Congress and the Department of Defense (the Department) were notified about the negative effects exorbitant high interest payday loans were having on service members and their families. In 2006, the Department made a report to Congress Senate Banking Committee tilted “The Report of Predatory Lending Practices Directed at Members of the Armed Forces and their Dependents.” This study explored the pitfalls and the ramifications of exorbitant high interest payday loans directed at service members and their families....   [tags: Payday Loans]

Free Essays
1209 words (3.5 pages)

Why FHA Mortgage Loans Are Such A Good Deal Essay examples

- FHA mortgage loans are part of a nationwide lending program that allows Americans who may not qualify for a conventional mortgage to purchase a home. The Federal Housing Administration, more often known as FHA, is run by the United States Department of Housing and Urban Development (HUD). An FHA mortgage is an attractive proposition for anyone who qualifies for the opportunity to make a lower down payment and to pay reduced closing costs, when purchasing a home. These are just part of the deal you get with an FHA mortgage....   [tags: fha loans, mortgage, housing loans]

Good Essays
696 words (2 pages)

Description of Texas FHA Refinance Loans Essay

- If you are looking to invest your property and enjoy the benefits year after year, refinancing with an FHA loan puts your investment to work for you. Letting you reduce the interest rate of your home, while making sure you don’t default on your mortgage payments. The Federal Government issues a loan insured by the Federal Housing Administration reducing the risk of loss. This program was instated due to a massive amount of foreclosures and defaults in the 1930’s. This new program had stimulated the housing market; making sure home loans were easily achieved....   [tags: fha loans, mortages, home owners]

Good Essays
736 words (2.1 pages)

Types Of Trust And Ownership Of Land Essay

- The statement suggests that at the core of the decision in Stack the assumption of a “common intention” trust is the default option for cohabitants holding a property in a joint ownership. Firstly, this can be said that it is due to the nature of joint ownership, which presupposes unity of possession, title and interest. Moreover, where a property is jointly owned a trust can be classified as a constructive trust for the equitable benefit of joint parties as well as preserving their joint legal ownership....   [tags: Law, Property, Ownership, Property law]

Good Essays
1053 words (3 pages)

Essay about Ownership of Self and Property

- Ownership has long affected our sense of self and worth. It has changed with the times but still affects us the same way as before. The famous philosopher, Plato, thought that “owning objects is detrimental to a person's character”. By examining the different types of ownership and evidence from historical to contemporary society, ownership correlates with one’s sense of self by either improving or diminishing it. . It is impossible for any living organism to survive without owning anything. From insects to mankind, owning some sort of property, whether tangible or intangible, is our way of surviving....   [tags: financial system, economy, self-ownership]

Good Essays
1233 words (3.5 pages)

The Federal Housing Administration 203(B) Loans Essay

- As a newcomer to the world of home buying in the state of Texas, it’s important to do research on loans and mortgages. Maybe you’re fed up with making rent payments or maybe you’re newly married and ready join the ranks of being a home owner. Put simply, you know you don’t have a lot of money and homes that need some repairs or updating are the only homes in your price range. This situation may seem less than ideal, but is one that many people are finding themselves in. Fear not, this is the age of do-it-yourself....   [tags: loans, mortages, home owner, fha]

Good Essays
707 words (2 pages)

Essay on Scholarships, Grants and Loans Are All Options for Continued Education

- Getting an education is a valuable tool for any career. Canada offers an education through wonderful universities. Many delay or postpone their education due to the lack of financial funding. There are numerous scholarships available to individuals with a desire to gain further education. Many universities offer programs known as work- study programs. Theses programs are designed for the student to be employed through the university they are attending and a partial amount of the income earned will be applied to the education cost....   [tags: Scholarships, Grants, Loans, Continued Education, ]

Good Essays
568 words (1.6 pages)

Essay On Ownership And Ownership

- It is one sad existence, to live and die, without discovering, what could have been. The question is often asked, what is the meaning of life. Or even, what is the purpose. There is no clear answer, and yet there is a search in every moment, every breath, and every corner, for a minute hint. In a societal setting, identity is merely determined by the amount of tangible things owned. Society places the ideology on individuals that those who own the most tangible things are above others. An individual can trump all those societal values by owning the self....   [tags: Learning, Individual, Self, Ownership, Identity]

Good Essays
950 words (2.7 pages)

Essay about The Importance Of Pet Ownership

- Is Pet Ownership As Easy As We Thought. A pet can be considered any domesticated or tamed animal kept as a companion and cared for affectionately. The safekeeping and health of an animal is essential no matter the circumstances, as well as the level of knowledge the carer possesses. Being a pet owner can be very demanding and commitment oriented. One must focus on the wellbeing and happiness of not only the pets, but the owners as well. Therefore, one should really think through the decision of becoming a pet owner before deciding to procure a “pet”, Being a pet owner is a privilege that results in a mutually beneficial relationship while still having a demand for responsibility....   [tags: Ownership, Property, Abuse, Health care, Health]

Good Essays
1111 words (3.2 pages)

Essay on The Aim of the National Trust to Provide Time Capsules of Ownership

- The Aim of the National Trust to Provide Time Capsules of Ownership The National Trust aims to provide time capsules of ownership in and around the Wimpole Estate. Wimpole Hall had many owners over a period of about 400 years, each owner leaving their own legacy. The National Trust has the job of untangling the layers of history to recreate snapshots of different points in time. By examining each owner and their stamp on Wimpole, it is possible to see whether the National Trust is successful in creating their stated aim....   [tags: Papers]

Good Essays
1394 words (4 pages)