Federal Housing Administration (FHA)
From LawDepot Law Library
Definition of "Federal Housing Administration (FHA)"
In the United States, the Federal Housing Administration (FHA) provides housing mortgage loan insurance to qualified applicants who get loans from certified lenders, guaranteeing the mortgage in the event of a default by the Buyer. The FHA allows those who normally could not qualify for a mortgage to qualify for one because the FHA will pay the mortgage in the event of a default. The FHA helps those with poor credit history, those who cannot afford much of a down payment, and others who for one reason or another are unlikely to obtain a mortgage from a regular mortgage broker.
