Buffalo NY Real Estate and WNY Homes for Sale

Who is the FHA

FHA - Federal Housing Administration is an agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. You hear about them most often in connection with FHA Loans.

Read Also:  Foreclosure Resources for Troubled Homeowners

There are lots of good reasons to choose an FHA loan, especially if one or more of the following apply to you: You're a first-time home buyer You don't have a lot of money to put on a downpayment on a house.  You want to keep your monthly payments as low as possible You're worried about your monthly payments going up You're worried about qualifying for a loan You don't have perfect credit.  They have some wonderful information for both Buyers and Sellers on the FHA website.

The Housing and Economic Recovery Act of 2008 offers significant benefits to both current homeowners and most especially to first time buyers. Under the legislation first time buyers are considered anyone that has not owned a primary residence in the last 3 years.

Hunt ERA together with our wholly owned subsidiary, Hunt Mortgage, invites you to attend a FREE home buyer's seminar on Saturday, September 6, 2008 at 10 am. The seminar will be held in our office at 5400 Broadway Street (corner of Central Ave) in the Village of Lancaster. You will learn the details of how to receive all the benefits of the new Housing and Economic Recovery Act of 2008. Our Mortgage Consultants want to help get you into your new home and will be on hand to explain what these new regulations can mean for you and your future purchase.

Read more »

The National Association of REALTORS® has created a useful document for homeowners in "How to Avoid Foreclosure and Keep Your House" if you are in trouble it is an excellent place to start. Some of the resources cited in this document include:

For immediate advice, call 888-995-HOPE To speak to a counselor on how to avoid foreclosure. Available in English and Spanish, 24/7. Or visit their website for more information.

HUD Resources regarding Foreclosure

• For a list of HUD-approved counseling agencies, by state, go to www.hud.gov/counseling.
• HUD's Internet page-"How to Avoid Foreclosure"-is aimed at borrowers with FHA-insured mortgages, but can help other borrowers as well.

Additional Foreclosure Resources Check out:  Are You Facing Foreclosure in WNY?