It includes the Federal Housing Administration (FHA), the largest mortgage insurer in the world. The Office of Housing is the largest office within HUD, and has the following key responsibilities: Operating FHA, providing over $1.3 trillion in mortgage insurance on mortgages for Single Family homes, Multifamily properties, and Healthcare.
FHA mortgage insurance premiums cannot be canceled in most instances. The only way to get rid of the premiums is to refinance into a non-FHA loan or to sell your home. fha loans tend to be popular with first-time homebuyers, as well as those with low to moderate incomes.
The FHA 3% down payment was matched and surpassed by mortgage packages that provided 100% financing for homes to qualified buyers. As home prices continued to rise, the qualifications for loans were loosened accordingly. The FHA’s caps on conventional loans have also contributed to a diminished role for the agency in today’s mortgage market.