Single story, ranch style, modular home…..no matter what type it is, it’s a home to someone. Owning a home is a dream for almost everyone in the world. To be able to proudly say to someone, “This is my home” and know you have an asset that will appreciate is a great feeling. It could be a small condo in downtown Washington D.C.; it could be a ranch-style home on the outskirts of the city. No matter the style, the word “home” invokes a feeling of safety and security. Remember the old saying from the Wizard of Oz, “there’s no place like home?” Well, for everyone this is true, but for a homeowner it takes on a whole new meaning.

FHA loans are loans that are insured and backed by the Federal Housing Administration. The FHA is the largest insurer of mortgages worldwide. This is great for banks and lending companies who offer FHA loans because they have nothing to lose and everything to gain.

For consumers, loans through the Federal Housing Administration can be the way to go. When compared to traditional loans, which usually require a large sum of money down, FHA loans usually require significantly less money down at closing. This is a huge savings to customers who don’t have the money to make a large down payment.

Created by Congress in 1934, the Federal Housing Administration (FHA) is now a part of the Department of Housing and Urban Development, otherwise known as HUD. The FHA wants to assist buyers in reaching that dream of owning a home of their own. Their goal is to help those in need and assist in building healthy and thriving communities.

For many, owning a home seems like a dream that is far out of their reach, but with the FHA, many of those dreams are becoming a reality. Owning a home is not as far away as you think. Maybe you just need to look into an FHA loan.