That was the year that the FHA came into being. The National Association of REALTORS had considerable input into its creation, along with previous efforts to bring stable home financing tools to a large group of Americans that had suffered through the housing crises of the early 1930′s. With the creation of the FHA, the idea of 20 year amortized loans came into being. While the Depression and WW II slowed the housing recovery, the application of those FHA principles to the G.I. Bill brought about the boom in housing which has continued mostly unabated since the late 1940′S.
The middle of May sees the REALTOR Association in Washington, making a case to preserve the FHA and maintain its viability as the home financing vehicle of choice for many Americans wanting to buy their first home. There are many reasons why the FHA might be in trouble, but there is no question that maintaining it as an important financing tool is paramount.
Currently, congress is considering the passage of H.R. 4264, meant to assure the stability of the FHA. We believe the bill is worthy of passage, providing a home financial tool for a large number of Americna home buyers.