FHA mortgages, loans insured by the Federal Housing Association, have needed to be modernized and generally overhauled for a long time. Finally, HUD (Department of Housing and Urban Development) is doing the job. But not all housing leaders agree with its current proposal. The proposed changes are designed to increase homeownership opportunities for more Americans, according to HUD. And they want to make FHA mortgages a more attractive and important financing option in today’s market.
“FHA was created during the Depression to stimulate the housing market at a time when homeownership wasn’t a reality for most people,†said Brian Montgomery, assistant secretary of HUD. “FHA has helped over 33 million families become homeowners since that time, but View the rest of this article
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