The U.S. Federal Housing Administration (FHA) was created in 1934 to provide mortgage insurance on loans made by FHA-approved lenders. It insures mortgages on single family and multifamily homes including manufactured homes and hospitals. The FHA was created to provide a national insurance program against home default and cuts the default risk lenders face with higher risk buyers who can only afford to make down payments under 20 percent.
The insurance was funded from the proceeds of a fixed premium charged on unpaid loan balances, and those revenues were used to buy Treasury securities as a way to cover future mortgage defaults. The most common programs are Fannie Mae, Freddie Mac, Ginnie Mae or VA guaranteed loans.
There are many additional loan programs that are not commonly known also administered by different offices in HUD :
Office of Sustainable Housing and Communities (launched in February, 2010)
Supports the construction and rehabilitation of green affordable housing, recognizing that affordable homes should be located close to transportation, jobs, and schools and designed to maximize health and environmental benefits.
HUD-DOE Weatherization Partnership
Streamlines the program requirements for public housing, assisted multifamily, or Low Income Housing Tax Credit projects to receive DOE weatherization funds.
Streamlines the program requirements for public housing, assisted multifamily, or Low Income Housing Tax Credit projects to receive DOE weatherization funds.
EPCs provide financing for Public Housing Authorities to implement energy conservation measures through the operating subsidy and energy cost savings.
Choice Neighborhoods, the successor to HOPE VI, provides grants to transform distressed neighborhoods and federally-assisted public housing projects into viable and sustainable mixed-income communities.
Public Housing Capital Fund
Provides funds annually for the development, financing, and modernization of public housing developments.
Provides funds annually for the development, financing, and modernization of public housing developments.
Office of Native American Programs
Specifically for Alaskan and American Indians families and tribes - Section 184 Indian Home Loan Guarantee Program.
Specifically for Alaskan and American Indians families and tribes - Section 184 Indian Home Loan Guarantee Program.
Energy Innovation Fund
Provided a total of $25 million in grants to be used for energy efficiency upgrades of multifamily properties.
Provided a total of $25 million in grants to be used for energy efficiency upgrades of multifamily properties.
Green Retrofit Program
While the Recovery Act funding for the Green Retrofit Program runs out in Fiscal Year 2012, the Department will have financed nearly 20,000 energy and green retrofits under the program.
While the Recovery Act funding for the Green Retrofit Program runs out in Fiscal Year 2012, the Department will have financed nearly 20,000 energy and green retrofits under the program.
Office of Housing - Programs for Single-Family Property Owners
203(k) Rehabilitation Program
This purchase-rehab mortgage product provides a single loan to finance the acquisition and rehabilitation, including energy efficiency improvements, of a one- to four-family home.
This purchase-rehab mortgage product provides a single loan to finance the acquisition and rehabilitation, including energy efficiency improvements, of a one- to four-family home.
Energy Efficient Mortgages
Enables single-family homebuyers and homeowners to finance the cost of adding energy efficient features as part of their FHA-insured mortgage.
Enables single-family homebuyers and homeowners to finance the cost of adding energy efficient features as part of their FHA-insured mortgage.
PowerSaver Home Improvement Loans
PowerSaver provides FHA-insured loans up to $25,000 to make energy-efficiency improvements to a single-family home.
PowerSaver provides FHA-insured loans up to $25,000 to make energy-efficiency improvements to a single-family home.
http://portal.hud.gov/hudportal/HUD?src=/buying/loans
http://portal.hud.gov/hudportal/HUD?src=/program_offices/sustainable_housing_communities/sustainable_housing_initiative
www.hud.gov/offices/cfo/reports/2011/cjs/fha_fund_2011.pdf
www.freddiemac.com/sell/expmkts/hudind.html
http://archives.hud.gov/pubs/ProgOfHUD06.pdf
http://www.alaskausamortgage.com/programs/hud.asp
No comments:
Post a Comment