Are Any HUD Housing Programs Available for Persons Who Are Not Very Low Income?
FHA assists first-time buyers and others who might not be able to meet down payment requirements for conventional loans by providing mortgage insurance to private lenders. It also insures loans for home improvements and buying manufactured (mobile) homes. This is done through the Federal Housing Administration (FHA), a branch of HUD which works through local mortgage lending institutions to provide Federal mortgage and loan insurance for homeownership and the construction or improvement of affordable housing. There are approximately 10 mortgage insurance and loan programs administered by the Assistant Secretary for Housing-Federal Housing Commissioner. As of October 1, 1996, FHA has insurance in force on 6.5 million single-family dwellings, totaling $401 billion. Most of these loans are insured by the Mutual Mortgage Insurance Fund. MMI is designed to be a self-sustaining fund requiring no annual appropriations. Interest rates on FHA loans are generally market rates, while down payment
