Homeownership: Results of and Challenges Faced by FHA's Single-Family Mortgage Insurance Program

Pursuant to a congressional request, GAO discussed the Federal Housing Administration's (FHA) single-family mortgage insurance program, focusing on: (1) the activities of FHA's home mortgage insurance program, including the extent to which 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) comparing the insurance terms available through FHA's principal single-family mortgage insurance program with private mortgage insurance and guarantees from the Department of Veterans' Affairs (VA); and (3) examining the challenges FHA faces in ensuring the financial health of its Mutual Mortgage Insurance Fund.