FHA Loans in Today’s Real Estate Market
In today’s economic climate, especially in New York City, it can be a challenge for families to find a way to finance the purchase of a home. Fortunately for families feeling the pinch of difficult economic times Federal Housing Administration government-insured home loans can be the path towards home ownership which otherwise would have been denied by traditional lending institutions.
The FHA was created in 1934 in the midst of the worst depression in US history. During the course of the past 77 years close to 40 million US mortgages have been insured by the FHA. Difficult economic times tend to swell the numbers of FHA loans, due to the excellent terms that they offer in comparison to more traditional types of loans. In 2009, for example, there were more than 3 million applications for FHA loans, almost double the 1.8 million which were filed during the previous year.
Families or individuals interested in either purchasing a home or refinancing their existing mortgage can choose from many reliable and easy to work with mortgage banks in the New York City metropolitan area.
TD Bank is a place from which prospective homeowners can secure an FHA loan. As one of the largest banks in the US, with a main office in Cherry Hill, New Jersey, New Yorkers can be assured that they will get excellent service from this versatile lender.
There are many other lending institutions where a FHA loan can be applied for and obtained. It is worthwhile for aspiring homeowners to investigate all their options, and not give up hope in the face of difficult economic times. Mortgage banks such as TD Bank can be the answer to securing the dream of home ownership for many people.