Monday, June 18, 2012

History of American Mortgage: part 2- The War Years

Classic photo wartime kiss in front of train

Because we often assist people with  FHA loans Los Angeles, we are doing a series of blog posts about the history of the Federal Housing Administration. In a previous post we talked about the FHA's creation as a response to the Great Depression in the 1930's. In the 1940's the FHA continued to operate as an insuring agency for private lenders, enabling more people to qualify for home loans.
Also in the 1940s, soldiers were returning home from the war and seeking new housing for their families. The new GI Bill of Rights included low-cost mortgages as a benefit for America's servicemembers. The FHA provided low-cost mortgages to thousands of returning veterans in  after WW2, enabling many to buy their first homes.

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