FHA foreclosed homes

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As it is known the US went through the Great Depression in 1929-1933. The years of crisis can be characterized with high inflation, poverty, constantly rising unemployment, the foreclosure markets also went through that crisis.

During the crisis American authorities took a decision to set up the Federal Housing Administration (FHA), officially it was founded in 1934. The main objectives of US government in this case are obvious. First and foremost it was necessary task to fix the situation with bad home loans; secondly FHA was obliged to maintain the progress of mortgage markets. And eventually the foreclosure market of the America demanded innovations.

The project for World War the Second veterans was sponsored exactly by FHA. It is important to underline that Federal Housing Administration saved the stable prices on housing market within 1970-1980, the years of another economical crisis in US. Currently FHA can be named one of the world most powerful mortgage insurers. Although FHA was created as governmental administration it funds its programs only with FHA own financial means.

Due to this fact FHA became a unique government organization just until Housing Urban Development (HUD) asked for support of taxpayers. It happened due to Agency budget deficit, so that financial support from government appeared to be the only one possible way out of the situation. In order to operate with high risk loans and to increase its effectiveness in reaching main goals of agency, FHA worked out a wide range of special projects, as an example we can name the FHA Secure program. The aim of this program is to enable the clients to invest financial means into FHA insured mortgages taking into account quite low mortgage rates. The FHA Secure program results from the disability of FHA average client to get the private insurance policy and to pay the average mortgage rate.

Additionally agency works only with such lenders who were qualified by American government. In 2009 the Recovery and Reinvestment Act was signed, according to it 2008 Fannie Mae, Freddie Mac and FHA debts limits had been reinstated.
Feel free to search for FHA foreclosure properties, HUD foreclosures and other types of foreclosed properties.

How to Find Foreclosures

It is not complicated task to find a foreclosure. One has to keep in mind only one detail, that situation is different on different types of market. To give an example, strong and developing real estate market will offer much less foreclosure homes then falling markets, which are characterized with depression. There is one nice way to find a foreclosure. Imagine, that you are driving your car throughout the district you want to have house in. You will probably see numerous signs, but now we are looking for simple text, such as: Foreclosure, Bank-Owned, Bank Repo.

Don’t pass this sign by, take a cell phone a call on agent, ask him about the foreclosure list which haven’t appeared on the market yet. It is common situation that foreclosure agents wait for a some time until bank approves the level of price. So asking for not listed foreclosure home will give you advantage. The task becomes even easier if you have hired an agent, so he will find for you all the information needed.

Nowadays free foreclosure listings are available even through internet, you can find them on special websites. Below you will find a list of national lenders who offer REO property listings.