My New Blog

In Pennsylvania, the number of FHA-insured loans for home purchases grew from 11,654 in 2007 to 27,959 in 2008  FHA was created in 1934 during the Great Depression.  It doesn't issue loans but insures them, which makes more loans available at a time when lenders have tightened mortgage credit because of a significant number of foreclosures.  They are important today for many first-time homebuyers and those with less than perfect credit.  FHA requires a down payment of just 3.5% for those buying a home.