mortgages :: FHA Loans

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.