Federal-housing-administration meaning

An agency of the U.S. Department of Housing and Urban Development that insures home mortgage loans to people with low income or poor credit. The insurance allows private-sector banks and savings and loans to underwrite a mortgage in circumstances that would otherwise disqualify potential home buyers. The FHA also provides low-income housing through public- housing developments and manages the Section 8 rental program, which allows renters to locate and rent apartments using vouchers issued by the FHA. Section 8 refers to the section of the law that created the rental program.
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