FHA mortgages in Albany New York and Saratoga New York are mortgages insured by the United States Federal Housing Administration. Here at Maple Tree Funding we’ve worked with Albany and Saratoga FHA mortgage borrowers since our beginnings in 2003. If you’re interested in an FHA loan in the Albany or Saratoga NY areas, we’re a great partner to work with!
Our experienced FHA Loan advisors are available by phone to answer any mortgage questions you have, including those about Albany, NY FHA mortgages. Call us today at 518-782-1202.
You can also visit us in person to find out if you qualify for an Albany FHA mortgage and get answers to questions you have about FHA mortgages and the FHA lending process. Maple Tree Funding is conveniently located just off interstate 87, on NY state route 7 in Latham, NY a suburb of Albany, NY.
FHA mortgages give you more buying power in the Albany and Saratoga home markets. They require lower down payments than other loans and only require mortgage insurance for the first 5 years or until the mortgage loan to value is below 78%.
FHA loans also typically have lower closing costs, and are often easier to qualify for than conventional loans. They can even be an option for those who have faced credit challenges in the past.
Learn more about the features and advantages of FHA loans and find out if an FHA mortgage could be a good fit for you!
Curious as to how FHA loans came to be? Here’s a brief history:
The Federal Housing Administration (FHA) was started as part of the National Housing Act of 1934 by the US Government. The main goal of the FHA was to improve housing conditions and facilitate reasonable home mortgage financing through the insurance of home loans by the government. FHA mortgages are available in Albany and Saratoga New York, and throughout the nation.
Prior to the founding of the FHA, most home loans were short term, 3-5 year loans. Pre-FHA most home loans did not exceed 50 percent of a property’s loan to value. The FHA was created as result of the poor banking environment that remained after the great depression. The depression caused banks to foreclose on many home loans that borrowers could not pay and the glut of available homes forced property values down, depressing the home building and related businesses.
Formed in 1934, the intent of the FHA was to regulate mortgage interest rates and the terms upon which home loans were offered. FHA policies made mortgages affordable to the general public, increasing housing demand and reviving the housing industry.
Post the 2008 sub-prime mortgage crisis and subsequent banking bailout by the US government, FHA loans have grown to more than 30 percent of all home loans as many traditional, conventional lenders dissolved as a result of their poor lending practices.
At Maple Tree Funding, we’re proud to partner with dozens of lenders to provide FHA loans to our customers in Albany, Saratoga, and throughout the state of New York.
If you’re in the market for a new home and you’re shopping your mortgage options in Albany, Saratoga, or anywhere else in Upstate NY, be sure to connect with us. We offer competitive mortgage options, and we’ll help you every step of the way – from the application and pre-approval process to the signing of closing documents – to ensure that you secure the mortgage option that’s best for you.
Editor’s Note: This content was originally published in 2014 but has been updated as of January 2020.