If you paid attention to your American history class while in high school, then you’ve probably heard of the Great Depression legislation known as the New Deal. A host of executive orders instituted between 1933 and 1936, the New Deal was President Franklin Delano Roosevelt’s solution to the financial collapse of the Great Depression. The New Deal is famous for establishing many federal programs and agencies many of which are still around these days. Social Security was one of the most well-known programs along with the Federal Deposit Insurance Corporation (FDIC).
One feature of the New Deal which is usually pushed aside is that the National Housing Act of 1934 created a pivotal government agency, the Federal Housing Administration. The purpose of the FHA was to insure loans given by banks and other lenders to homebuyers. It also helped to oversee housing standards and conditions and calm the housing market following the Great Depression. Companies such as the Ace Mortgage Loan Corporation specialize in assisting their customers with the FHA in Delray Beach, Fl.
After the financial crisis of 2008, the FHA became one of the largest sources of mortgage financing in America. When the FHA insures loans, it means that lenders can usually offer you a better deal on your mortgage. The FHA is responsible for millions of people getting smaller down payments, lower closing costs and easy credit qualifying. FHA loans are common because they usually only require a 3.5% down payment and are fairly easy to obtain.
Many people are cautious to look into buying a home these days. The latest disaster with subprime mortgages has left a lot of people with a bad taste in their mouth. It’s normal to feel uneasy about finding a mortgage loan, but businesses like Ace Mortgage Loan Company pride themselves on transparency and trust when it comes to their customers.
You don’t need to worry about getting swindled by a mortgage loan when you work with the professionals at the Ace Mortgage Loan Company. The friendly staff has a ton of experience when it comes to every type of home loan you could imagine. Interested in a reverse mortgage? How about fixed-rate or adjustable rate mortgages? All of your questions will be answered in a way that’s easy to understand. The world of mortgage loans can be confusing, frustrating and downright ruthless so that’s why the people at Ace Mortgage Loan Company are here to help. Don’t be intimidated by a mortgage loan any longer!
