The Federal Housing Administration has funded federal assistance mortgage loans since the Federal Housing Act of 1934. Since its inception, federal assistance mortgage loans have helped finance homeowners’ dreams with 35 million home mortgages and 47,205 multifamily project mortgages since 1934.
In general, federal assistance in the United States can go by many names, such as federal aid, federal benefits or federal funds. In time of economic crisis, government agencies are designed to step up and provide citizens assistance by creating federal programs, projects, services and activities. A federal assistance mortgage loan exists specifically to help those seeking to avoid foreclosure or to secure the resources needed to purchase a home.
FHA Mortgages
In addition to providing various programs to homeowners seeking assistance, the FHA also insures or “backs” mortgage loans. There are certain requirements that must be met in order to obtain an FHA-backed loan, but homeowners who are unable to qualify for conventional mortgages often find an FHA approved lender can help them finance a home purchase.
HUD Mortgages
The US Department of Housing and Urban Development (HUD) developed out of the FHA after the Department of Housing and Urban Development Act was signed. Like FHA mortgage loans, HUD makes mortgage programs available to ensure Americans, including low-income citizens, have access to affordable housing.
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