FHA foreclosure properties

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Everybody knows that the United States of America went through the Great Depression in 1929-1933. The years of crisis can be distinguished with high level of unemployment, rising inflation and poverty all over the country, the foreclosure markets also experienced that crisis.

During the crisis American authorities took a decision to create the Federal Housing Administration (FHA), officially it was set up in 1934. The main targets of government of USA in this situation are obvious. First of all it was necessary task to solve the situation with problem loans; in the second place newly created organization had to assist the progress of foreclosure markets. And eventually the foreclosure market of the United States of America was in need of new ideas.

The project for WW II veterans was financed namely by FHA. It has to be noted that Federal Housing Administration saved the average prices on housing market in 1970-1980, the years of another economical crisis in US. Today FHA can be named one of the world most influential mortgage insurers. Although FHA exists as governmental administration it finances its activities only with FHA own means.

Owing this small detail FHA was accepted as a unique government organization just until Housing Urban Development (HUD) requested for aid of taxpayers. The reason for it lied in FHA budget deficit, so that help from Congress was the single possible way out of the situation. In order to operate with high risk loans and to promote its effectiveness in reaching main goals of agency, FHA developed a number of special projects, for instance the FHA Secure program. The objective of the program is to give clients a chance to deposit money into FHA insured mortgages because of quite low mortgage rates. This program results from the disability of FHA average client to purchase the private insurance policy and to pay the average mortgage rate.

Further Federal Housing Administration operates only with such borrowers who were qualified by American government. Couple of years ago the Recovery and Reinvestment Act was signed, according to it 2008 Fannie Mae, Freddie Mac and FHA loan limits were reinstated.
Feel free to search for FHA foreclosure properties, HUD homes and other types of foreclosed homes.

How to Find REO Properties

It is not complicated task to find a foreclosure home. 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 foreclosures 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 long time until bank set the price level. So asking for not listed foreclosures will will save you a lot of time. The task becomes even easier if you have hired an agent, so he will find for you all the information needed.

Nowadays 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.