The Federal Housing Administration (FHA) is a government agency within the U.S. Department of Housing and Urban Development (HUD). Established in 1934, it provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. The FHA is the largest insurer of mortgages in the world, with over 34 million home mortgages and more than $1.3 trillion in its portfolio. The FHA helps to subsidize the cost of foreclosures and helps low- and moderate-income households obtain financing that they may not otherwise be able to afford. It also provides access to historically underserved communities by enabling responsible homeownership and helping protect public funds.