FHA Loan Guidelines To The Rescue
FHA Home Loans | Help for Homeowners

This is not the first time FHA Loan Guidelines have come to the rescue of America's housing market. Think back to the year of 1934 and picture the bleakness. Where is the help for homeowners?

The Birth Of FHA Loan Guidelines

Yes, the United States of America is trapped in the depth of the Great Depression. Less than forty percent of American citizens are homeowners.

Banks limit mortgages to fifty percent of the home's value. Yes, that means every home buyer is required to come up with a down payment equal to half the value.

The 30 year fixed loan, our most popular mortgage does not yet exist. Interest rates adjust after a few short years. Loan programs ending in unmanageable balloon payments are the norm.

Banks show little interest in furthering the dream of homeownership. Even more devastating, millions of workers are jobless. An astounding two million construction workers are unemployed.

FHA Loan Guidelines Following The Depression

FHA home mortgage loans, the most successful government program in history, were conceived under the backdrop of the Great Depression with the purpose of reviving homeownership. Since 1934, FHA has continued to rescue housing many times.

Take for example the days following World War II. Veterans wanted to buy homes but there was a shortage of financing. Once again, FHA loan guidelines made it possible to qualify for mortgages.

During the following years, the Federal Housing Administration ignited apartment developments for low income, elderly, and physically challenged.

In the 1970's, inflation wreaked havoc in our economy. Energy costs soared. The Federal Housing Administration once again provided emergency financing for apartment owners strapped for cash. Consumer friendly FHA loan guidelines helped keep them above water, lessening the chance of greater financial disaster.

Then in the 80's, private mortgage insurers were pulling out of areas prominently connected to the production of oil. Recession was threatening once again but FHA moved to steady decreasing home prices by insuring FHA mortgage lenders against loss.

FHA Loan Guidelines Equal Success

The success of FHA has made the United States a world leader in homeownership. Under President Clinton's administration, homeownership rate soared to more than sixty-eight percent. Compare that to less than forty percent during the Great Depression.

Today, our housing market is once again experiencing a major setback. Selling a home is nearly impossible. Conventional loan programs offer less opportunity to homeowners and home buyers. Lending institutions are failing and money is scarce.

Thank You FHA Loan Guidelines

With dramatic increases to mortgage loan limits in many parts of the nation, the Federal Housing Administration is stabilizing housing and financial markets. Once again FHA loan guidelines are coming to the rescue. Where would we be today without FHA home loans?

You'll find more on FHA loan guidelines at FHA Eligibility Calculator. Avoid these common mistakes and find an alternative solution to self-diagnosing the amount of money you are qualified to borrow.

Prime Real Estate Articles Tip No.56
Home Mortgage Application | Schedule Of Real Estate Owned

If you do not own real estate, you may skip this section.

For current owners, enter the property address, marking S if sold, PS if pending sale or R for rental. State the type of property, estimated value, mortgage payment, gross rents received, monthly house payments, taxes and insurance and net rents after expenses.

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

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