{ "id": "RS20530", "type": "CRS Report", "typeId": "RS", "number": "RS20530", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "summary": null, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=RS20530", "source_dir": "crsreports.congress.gov", "type": "CRS Report", "formats": [ { "sha1": "51769eeb6c33c57400df2fc6f74071609df609fb", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/RS/RS20530/39", "filename": "files/2022-01-21_RS20530_51769eeb6c33c57400df2fc6f74071609df609fb.pdf" }, { "format": "HTML", "filename": "files/2022-01-21_RS20530_51769eeb6c33c57400df2fc6f74071609df609fb.html" } ], "title": "FHA-Insured Home Loans: An Overview", "source": "CRSReports.Congress.gov", "retrieved": "2022-02-24T04:03:26.992461", "date": "2022-01-21", "typeId": "RS", "id": "RS20530_39_2022-01-21", "active": true }, { "source": "EveryCRSReport.com", "id": 589927, "date": "2019-01-16", "retrieved": "2019-12-20T20:10:18.547862", "title": "FHA-Insured Home Loans: An Overview", "summary": "The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), was created by the National Housing Act of 1934. FHA insures private lenders against the possibility of borrowers defaulting on mortgages that meet certain criteria, thereby expanding the availability of mortgage credit beyond what may be available otherwise. If the borrower defaults on the mortgage, FHA is to repay the lender the remaining amount owed. \nA household that obtains an FHA-insured mortgage must meet FHA\u2019s eligibility and underwriting standards, including showing that it has sufficient income to repay a mortgage. FHA requires a minimum down payment of 3.5% from most borrowers, which is lower than the down payment required for many other types of mortgages. FHA-insured mortgages cannot exceed a statutory maximum mortgage amount, which varies by area and is based on area median house prices but cannot exceed a specified ceiling in high-cost areas. (The ceiling is set at $726,525 in high-cost areas in calendar year 2019.) Borrowers are charged fees, called mortgage insurance premiums, in exchange for the insurance. \nIn FY2018, FHA insured over 1 million new mortgages (including both home purchase and refinance mortgages) with a combined principal balance of $209 billion. \nFHA\u2019s share of the mortgage market tends to vary with economic conditions and other factors. In the aftermath of the housing market turmoil that began around 2007 and a related contraction of mortgage lending, FHA insured a larger share of mortgages than it had in the preceding years. Its overall share of the mortgage market increased from about 3% in calendar year 2005 to a peak of 21% in 2009. Since that time, FHA\u2019s share of the mortgage market has decreased somewhat, though it remains higher than it was in the early 2000s. In calendar year 2017, FHA\u2019s overall share of the mortgage market was about 17%. \nFHA-insured mortgages, like all mortgages, experienced increased default rates during the housing downturn that began around 2007, leading to concerns about the stability of the FHA insurance fund for single-family mortgages, the Mutual Mortgage Insurance Fund (MMI Fund). In response to these concerns, FHA adopted a number of policy changes in an attempt to limit risk to the MMI Fund. These changes have included raising the fees that it charges and making changes to certain eligibility criteria for FHA-insured loans.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/RS20530", "sha1": "c7c50eb8a0dc92e21a60ca5a8bbdefcb3c9b9457", "filename": "files/20190116_RS20530_c7c50eb8a0dc92e21a60ca5a8bbdefcb3c9b9457.html", "images": { "/products/Getimages/?directory=RS/html/RS20530_files&id=/0.png": "files/20190116_RS20530_images_b27af6c307c46b117492b6e17b9cc0754e7e12b4.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/RS20530", "sha1": "72678ea52d369263000cf325eaa091cee929ddb8", "filename": "files/20190116_RS20530_72678ea52d369263000cf325eaa091cee929ddb8.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4918, "name": "Homeownership & Housing Finance" } ] }, { "source": "EveryCRSReport.com", "id": 584884, "date": "2018-03-28", "retrieved": "2018-10-06T00:23:42.321422", "title": "FHA-Insured Home Loans: An Overview", "summary": "The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), was created by the National Housing Act of 1934. FHA insures private lenders against the possibility of borrowers defaulting on mortgages that meet certain criteria, thereby expanding the availability of mortgage credit beyond what may be available otherwise. If the borrower defaults on the mortgage, FHA is to repay the lender the remaining amount owed. \nA household that obtains an FHA-insured mortgage must meet FHA\u2019s eligibility and underwriting standards, including showing that it has sufficient income to repay a mortgage. FHA requires a minimum down payment of 3.5% from most borrowers, which is lower than the down payment required for many other types of mortgages. FHA-insured mortgages cannot exceed a statutory maximum mortgage amount, which varies by area and is based on area median house prices but cannot exceed a specified ceiling in high-cost areas. (The ceiling is set at $679,650 in high-cost areas in 2018.) Borrowers are charged fees, called mortgage insurance premiums, in exchange for the insurance. \nIn FY2017, FHA insured nearly 1.3 million new mortgages (including both home purchase and refinance mortgages) with a combined principal balance of $251 billion. \nFHA\u2019s share of the mortgage market tends to vary with economic conditions and other factors. In the aftermath of the housing market turmoil that began around 2007 and a related contraction of mortgage lending, FHA insured a larger share of mortgages than it had in the preceding years. Its overall share of the mortgage market increased from about 3% in calendar year 2005 to a peak of 21% in 2009. Since that time, FHA\u2019s share of the mortgage market has decreased somewhat, though it remains higher than it was in the early 2000s. In calendar year 2016, FHA\u2019s overall share of the mortgage market was about 16%. \nFHA-insured mortgages, like all mortgages, experienced increased default rates during the housing downturn that began around 2007, leading to concerns about the stability of the FHA insurance fund for single-family mortgages, the Mutual Mortgage Insurance Fund (MMI Fund). In response to these concerns, FHA adopted a number of policy changes in an attempt to limit risk to the MMI Fund. These changes have included raising the fees that it charges and making changes to certain eligibility criteria for FHA-insured loans.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS20530", "sha1": "fabb8d3c7483cae51c55062633eafb85b492e402", "filename": "files/20180328_RS20530_fabb8d3c7483cae51c55062633eafb85b492e402.html", "images": { "/products/Getimages/?directory=RS/html/RS20530_files&id=/0.png": "files/20180328_RS20530_images_7e9a581489bbce0d83b9147e6130b66aa8cd2a93.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS20530", "sha1": "25ce4929638d8be1804b44d3e7a346511d4d8849", "filename": "files/20180328_RS20530_25ce4929638d8be1804b44d3e7a346511d4d8849.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4918, "name": "Homeownership & Housing Finance" } ] }, { "source": "EveryCRSReport.com", "id": 457903, "date": "2016-12-23", "retrieved": "2017-01-03T22:38:10.513504", "title": "FHA-Insured Home Loans: An Overview ", "summary": "The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), was created by the National Housing Act of 1934. FHA insures private lenders against the possibility of borrowers defaulting on mortgages that meet certain criteria, thereby expanding the availability of mortgage credit beyond what may be available otherwise. If the borrower defaults on the mortgage, FHA is to repay the lender the remaining amount owed. \nA household that obtains an FHA-insured mortgage must meet FHA\u2019s eligibility and underwriting standards, including showing that it has sufficient income to repay a mortgage. FHA requires a minimum down payment of 3.5% from most borrowers, which is lower than the down payment required for most other types of mortgages. FHA-insured mortgages cannot exceed a statutory maximum mortgage amount, which varies by area and is based on area median house prices but cannot exceed a specified ceiling in high-cost areas. (The ceiling is set at $636,150 in high-cost areas in 2017.) Borrowers are charged fees, called mortgage insurance premiums, in exchange for the insurance. \nIn FY2016, FHA insured nearly 1.3 million new mortgages (including both home purchase and refinance mortgages) with a combined principal balance of $245 billion. \nFHA\u2019s share of the mortgage market tends to vary with economic conditions and other factors. In the aftermath of the housing market turmoil that began around 2007 and a related contraction of mortgage lending, FHA insured a larger share of mortgages than it had in the preceding years. Its overall share of the mortgage market increased from about 3% in calendar year 2005 to a peak of 21% in 2009. Since that time, FHA\u2019s share of the mortgage market has decreased somewhat, though it remains higher than it was in the early 2000s. In calendar year 2015, FHA\u2019s overall share of the mortgage market was about 18%. \nFHA-insured mortgages, like all mortgages, experienced increased default rates during the housing downturn, leading to concerns about the stability of the FHA insurance fund for single-family mortgages, the Mutual Mortgage Insurance Fund (MMIF). In response to these concerns, FHA adopted a number of policy changes in an attempt to limit risk to the MMIF. These changes have included raising the fees that it charges and making changes to certain eligibility criteria for FHA-insured loans.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS20530", "sha1": "799ea76b3a0fb174211ab208724aebdea34ea867", "filename": "files/20161223_RS20530_799ea76b3a0fb174211ab208724aebdea34ea867.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS20530", "sha1": "23efa1118c7b2440daa071821c551e45dea07042", "filename": "files/20161223_RS20530_23efa1118c7b2440daa071821c551e45dea07042.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4918, "name": "Homeownership & Housing Finance" } ] }, { "source": "EveryCRSReport.com", "id": 450817, "date": "2016-03-16", "retrieved": "2016-03-24T16:53:03.234492", "title": "FHA-Insured Home Loans: An Overview ", "summary": "The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), was created by the National Housing Act of 1934. FHA insures private lenders against the possibility of borrowers defaulting on mortgages that meet certain criteria, thereby expanding the availability of mortgage credit beyond what may be available otherwise. If the borrower defaults on the mortgage, FHA is to repay the lender the remaining amount owed. \nA household that obtains an FHA-insured mortgage must meet FHA\u2019s eligibility and underwriting standards, including showing that it has sufficient income to repay a mortgage. FHA requires a minimum down payment of 3.5% from most borrowers, which is lower than the down payment required for most other types of mortgages. FHA-insured mortgages cannot exceed a statutory maximum mortgage amount, which varies by area and is based on area median house prices but cannot exceed a specified ceiling in high-cost areas. (The ceiling is currently set at $625,500 in high-cost areas.) Borrowers are charged fees, called mortgage insurance premiums, in exchange for the insurance. \nIn FY2015, FHA insured over 1 million new mortgages (including both home purchase and refinance mortgages) with a combined principal balance of over $200 billion. \nFHA\u2019s share of the mortgage market tends to vary with economic conditions and other factors. In the aftermath of the housing market turmoil that began around 2007 and a related contraction of mortgage lending, FHA insured a larger share of mortgages than it had in the preceding years. Its overall share of the mortgage market increased from about 3% in calendar year 2005 to a peak of 21% in 2009. Since that time, FHA\u2019s share of the mortgage market has decreased somewhat, though it remains higher than it was in the early 2000s. In calendar year 2014, FHA\u2019s overall share of the mortgage market was about 15%. \nFHA-insured mortgages, like all mortgages, experienced increased default rates during the housing downturn, leading to concerns about the stability of the FHA insurance fund for single-family mortgages, the Mutual Mortgage Insurance Fund (MMIF). In response to these concerns, FHA adopted a number of policy changes in an attempt to limit risk to the MMIF. These changes have included raising the fees that it charges and making changes to certain eligibility criteria for FHA-insured loans.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS20530", "sha1": "30ad49da3a94411ad683af6b281f5c0ad3b0d2ff", "filename": "files/20160316_RS20530_30ad49da3a94411ad683af6b281f5c0ad3b0d2ff.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS20530", "sha1": "fb0ba6feb0c58ab5dfb02af20c1742d05a0f7790", "filename": "files/20160316_RS20530_fb0ba6feb0c58ab5dfb02af20c1742d05a0f7790.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4306, "name": "Homeownership Assistance" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc818822/", "id": "RS20530_2015Jan20", "date": "2015-01-20", "retrieved": "2016-03-19T13:57:26", "title": "FHA-Insured Home Loans: An Overview", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20150120_RS20530_7e37c5073c16456cf6b53d20c9ea807a036d209e.pdf" }, { "format": "HTML", "filename": "files/20150120_RS20530_7e37c5073c16456cf6b53d20c9ea807a036d209e.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc806334/", "id": "RS20530_2013Apr18", "date": "2013-04-18", "retrieved": "2016-03-19T13:57:26", "title": "FHA-Insured Home Loans: An Overview", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20130418_RS20530_7cba2fbd1bf90e3962e478566808a90ec51fb680.pdf" }, { "format": "HTML", "filename": "files/20130418_RS20530_7cba2fbd1bf90e3962e478566808a90ec51fb680.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc811058/", "id": "RS20530_2012Jan09", "date": "2012-01-09", "retrieved": "2016-03-19T13:57:26", "title": "FHA-Insured Home Loans: An Overview", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20120109_RS20530_5f537380d4b6d63543003e674351dad194a131e6.pdf" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc815524/", "id": "RS20530_2009May26", "date": "2009-05-26", "retrieved": "2016-03-19T13:57:26", "title": "FHA-Insured Home Loans: An Overview", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090526_RS20530_987fbd60b2a94d7446a67dfa97b0f2c36323019c.pdf" }, { "format": "HTML", "filename": "files/20090526_RS20530_987fbd60b2a94d7446a67dfa97b0f2c36323019c.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc812107/", "id": "RS20530_2008Oct07", "date": "2008-10-07", "retrieved": "2016-03-19T13:57:26", "title": "FHA-Insured Home Loans: An Overview", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20081007_RS20530_2645a7d243706673823c5721c3736b1e7e0358e2.pdf" }, { "format": "HTML", "filename": "files/20081007_RS20530_2645a7d243706673823c5721c3736b1e7e0358e2.html" } ], "topics": [] } ], "topics": [ "Domestic Social Policy" ] }