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FHA: Solid, affordable financing
your home from the FHA Experts - Mid-Island Mortgage Corp.!
Mid-Island Mortgage Corp. has specialized
in FHA lending since 1960!
Few have done it longer, no one does it better!
For
a half a century, FHA Loans have made the dream of home ownership
a reality for millions of Americans. With very reasonable interst
rates, down payments as low as 3.5%, "real-world" credit criteria
and solid backing from the federal government; FHA loans have once
again become a cornerstone for home loans in an uncertain market.
As a
certified FHA lender with almost 50 years specializing in providing
FHA loans,
Mid-Island
Mortgage Corp.
may
be
able to help. We've helped thousands of home buyers move
from being classified as "sub-prime" to a much
more favorable FHA loan program,
saving them
money and aggravation. As
an approved
FHA lender for 203B and 203K loans, our knowledgeable
staff has developed strong relationships with all regional
FHA offices
so that your loan will be treated as a top priority -
more importantly, you'll no longer be considered "sub-prime".
Getting an FHA loan with Mid-Island Mortgage
Corp means:
- Backing by the Federal Government - so
there's no shortage of money
- Loans that are not set solely by FICO
scores, FHA loans allow for a more complete picture of a borrower's
credit - such as rent payments and utility payment history.
- Expert navigation through the sometimes
complex rules and regulations of FHA compliance.
- Partnership with an experienced and approved FHA
lender with strong relationships with regional FHA offices -
insuring "top priority" treatment.
- Teaming up with an established FHA expert that will allow you to take immediate
advantage of recent improvements in FHA legislation
as they develop.
A brief history of the FHA:
Founded over 70 years ago as a part of the National
Housing Act of 1934, the FHA (Federal Housing Administration) was
created to address the housing needs caused and highlighted by
the Great Depression. Rampant foreclosures and a drastic drop
in the housing market caused by a catastrophic failure in the banking
system were addressed via comprehensive restricting of the federal
banking system.
The FHA was created with the goals of meeting
the needs of the American people by improving housing standards
and conditions, stabilizing of the housing market, and by insuring
mortgages. Prior to this act, most mortgages were under 10 years
in length with very high down payment requirements (about 50 percent
down) - well out of the reach of many Americans. The new regulation
in interest rates and more friendly payment terms allowed for greater
home ownership - increasing the market for single family homes
in the process.
In 1965, the FHA became a part of HUD (the Department
of Housing and Urban Development) and offers a wide range of housing
loans such as, adjustable rate mortgages, fixed rate mortgages,
energy efficient mortgages, graduated payment mortgages, mortgages
for condominium units, growing equity mortgages.The FHA has had a significant
role in the production of privately-owned apartments to house
the elderly, disabled and lower income. FHA's emergency financing
provided significant relief for cash-strapped properties during
the inflation and energy crisis of the 70's. The FHA was also
there during the 80's, steadying falling house prices - especially
in oil producing states where private mortgage insurance carriers
had pulled out. Perhaps the FHA's greatest impact is felt among
the metropolitan and ethnic minority populations - where the
percentage of FHA loans greatly outnumbers that of conventional
loans.
Looking forward, FHA is continuing to seek ways
to better serve the interests of the population. Addressing a need
for a safer alternative to risky mortgages, Assistant Secretary
for Housing - Federal Housing Commissioner Brian Montgomery called
for "a modernized and reinvigorated FHA". Proposed changes include;
higher loan limits - which would greatly increase the amount of
eligible property, a more flexible down payment structure - where
instead of a standard 3 percent down payment, borrowers would be
able to put down zero, one, two or even ten percent, and the streamlining
of regulatory "red tape" - increasing the efficiency of the
FHA loan process.

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