Noun
the federal agency in the Department of Housing and Urban Development that insures residential mortgages
Source: WordNetFor example, U.S. Federal Housing Administration home loans are easier to get, are more lenient about bad credit (even a FICO Score of 500 can get you an FHA loan), and only require the borrower to put down 3.5% of the home’s value in a down payment. Source: Internet
In the 1930s, the federal government decided to get into the business of promoting homeownership and created the Federal Housing Administration (FHA) to guarantee home loans. Source: Internet
If you cannot make a 20% down payment, you can apply for a Federal Housing Administration mortgage. Source: Internet
The bank fell into trouble in 2016 for allegedly underwriting mortgages that did not meet the requirements for the U.S. Department of Housing and Urban Development and the Federal Housing Administration. Source: Internet
Legacy The creation of the Federal Housing Administration successfully increased the size of the housing market. Source: Internet