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FHA Foreclosures

      As a branch originally created by The United States Development of Housing and Urban Development, the FHA assists low to moderate-income families and first time buyers. FHA foreclosures are great because they offer lower down payments and lower than average interest rates. These lower rates help those who would normally not be able to afford a home, have their dreams come true.
      FHA Foreclosures are a natural result of the FHA loan process. The FHA was originally established in 1934 under Roosevelt’s National Housing Act. The FHA was granted the authority to insure mortgage loans made by private venders. This system works like so, the FHA issues an insurance policy; the borrower then pays for the premium for the policy. The FHA works only with approved FHA lenders and does not grant loans. When these loans are in default the process usually results in FHA Foreclosures.

“FHA Foreclosures are a natural result of the FHA loan process. The FHA
was originally established in 1934 under Roosevelt’s National Housing Act.”

      Under the FHA’s policy, a loan will be granted and will be paid in full to the lender in the event that a default occurs. This default would eventually result in the FHA Foreclosures. The lender who may not have had been optimistic on the loan to begin with, is now secure by knowing the loan is ensured by the federal government. This extra confidence allows lender’s to grant loans that they might not otherwise consider. This is why FHA Foreclosures are not as uncommon as you would think.
      FHA loans are much more liberal and easier to get a hold of. There is far less qualifying and the deals are much better. Unlike bank owned properties, the federal government owns FHA foreclosures, this means that they are widely advertised and easier to locate. Because the FHA is operated by HUD, you can find info about FHA foreclosures and availability from your nearest HUD regional office.

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