Homeownership: Achievements of and Challenges Faced by FHA's Single-Family Mortgage Insurance Program
Highlights
GAO discussed: (1) the achievements of the Federal Housing Administration's (FHA) home mortgage insurance program, including the extent that home buyers use FHA insurance, the characteristics of these home buyers--including whether they were first-time home buyers--and how many of them might also qualify for private mortgage insurance; (2) how the insurance terms available through FHA's principal single-family mortgage insurance program compare with private mortgage insurance and guaranties from the Department of Veterans' Affairs (VA); (3) other federal activities that promote affordable homeownership; and (4) challenges faced by FHA in ensuring the financial health of its Mutual Mortgage Insurance Fund--the insurance fund supporting most FHA-insured single-family mortgages.