The Federal Housing Administration was created in 1934 during the Great Depression when the housing market was flat. The idea was to help construction workers get back to work and to help people become homeowners. At that time America was a nation of renters rather than home owners, fewer than half owning their own homes. Mortgage terms were very difficult, with large down payments, short repayment schedules of 3-5 years and final balloon payments. The FHA changed that.
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