Now an agency within HUD, the Federal Housing Administration was established in 1934 to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to first-time buyers who might not be able to qualify for conventional loans. The FHA has helped more than 26 million Americans buy a home.
Federal law requires that individuals receive certain information before renting, buying, or renovating pre-1978 housing. Landords have to disclose known information on lead-based paint and lead-based paint hazards before leases take place. Leases must include a disclosure form about lead-based paint. Sellers have to disclosure known informaion on lead-based paint and lead-based paint hazards before selling a house. Sales contracts must include a disclosure for about lead-based paint. Buyers have up to 10 days to check for lead.