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FHA Mortgage
********Many people dream of owning their own homes but only very few are able to pay cash for them. This is why FHA mortgages are one of the popular methods to find a source for consumer credit. People who could not otherwise afford to own a house become homeowners with the help of FHA mortgage insurance programs.
FHA is the Federal Housing Administration. As part of the U.S. Department of Housing and Urban Development (HUD), one of the chief purposes of the FHA is to help people obtain financing for their homes.
How FHA Mortgage Insurance Works
As stated earlier, FHA mortgage is a way for homebuyers to obtain financing for their homes. All home purchases require buyers to make a certain set percentage of the total purchase price, called the down payment. What the FHA mortgage insurance does therefore is to allow a homebuyer to make a modest down payment and obtain a mortgage for the balance of the purchase price.
The mortgage loan itself is made by a bank, a savings and loan association, a mortgage company, a credit union, or any other lender. For it to become an FHA mortgage loan, the lender would have to be approved by the Federal Housing Administration. FHA (HUD0 insures then insures the loan and pays the lender if the borrower defaults on the mortgage. The protection offered by FHA mortgages to lenders allows them to be more liberal with their terms than the prospective homeowner might otherwise obtain.
Who can get an FHA Mortgage?
The good thing about FHA mortgages is that almost anyone can get it. So if you have a satisfactory credit record, enough cash to close the loan and sufficient steady income to make monthly mortgage payments without difficulty, then you’ll have no trouble getting approved for an FHA mortgage. As a rule of thumb, only people who will reside in the property are eligible for FHA-insured mortgages.
There is no upper age limit set by HUD for the borrower. Nor is there a certain income level that the borrower must achieve in order to buy a home at a certain price. And although income is certainly an important factor, it is simply one of the several determining factors which are used by the HUD to find whether the borrower will be able to repay the mortgage.
Types of FHA Mortgages
There are several types of mortgages that FHA insures. These include:
* One-family residence
* Two-, three-, four-unit properties
* Condominium units
* Houses needing rehabilitation
TOTAL WORD COUNT - 422
KEYWORDS "FHA Mortgage" = 12 (density = 2.8%)
Mortgage Refinancing Fees Specific links
Mortgage Refinancing Fees News
Question & Answer on mortgage refinancing - Boston Herald
Question & Answer on mortgage refinancing Boston Herald, United States - That’s the point where your new mortgage’s lower monthly payments make up for what you spent on refinancing fees. Let’s say your new loan will save you $100 ... Waco banks seeing a boom in mortgage refinance applications |
Mortgage buyers: Do your homework - The Southern
Mortgage buyers: Do your homework The Southern, IL - People who are refinancing their existing mortgages should not forget closing costs and title insurance fees that can run up to $2000 in expense fees, ... |
Refinancing Your Home - WPEC
 Best Syndication | Refinancing Your Home WPEC, FL - The good news is that last week mortgage rates hit a 37 year low. The average 30 year fixed rate at last check stands at 5.10 percent. ... Low mortgage rates don’t entice buyers Interest Rates Are Falling Even Further – Lower Mortgage Rate ... Should I Refinance? - Time Is Now To Get Your Low Rate-Why? |
The rush to refinance - Boston Globe
The rush to refinance Boston Globe, United States - Sometimes the rate is higher than a mortgage with more fees. Sometimes the fees are added into your principle. Time: suppose you refinance into a new loan ... |
Refinancing for less - CNNMoney.com
Refinancing for less CNNMoney.com - By Dee Depass, Money Magazine (Money Magazine) -- Question: I'm refinancing my mortgage, and my lender tells me that I need to get a new title insurance ... |
Realtors Protest Increase in Fannie Mae Mortgage Fees - Wall Street Journal
Realtors Protest Increase in Fannie Mae Mortgage Fees Wall Street Journal - ... said an increase in fees by Fannie Mae "imposes major new costs" on home buyers and people trying to refinance into more affordable mortgage loans. ... Realtors allege Fannie hitting borrowers for profits |
Cities Use Creative, Targeted Lending to Speed Energy Projects - New York Times
 New York Times | Cities Use Creative, Targeted Lending to Speed Energy Projects New York Times, United States - Third, the total cost of the solar system and energy improvements is comparable to financing through a traditional equity line or mortgage refinancing ... |