Federal Housing Administration Mortgage

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Federal Housing Administration Mortgage

A mortgage provided by the Federal Housing Administration. The FHA offers several different types of mortgage, including (but not limited to) fixed-rate mortgages, adjustable-rate mortgages, energy efficient mortgages, and so forth. There are various requirements to be eligible for an FHA mortgage, including steady or increasing income for at least two years and at least two years since a bankruptcy.

Federal Housing Administration Mortgage.

Federal Housing Administration (FHA) mortgages, which are offered by private lenders, resemble conventional mortgages in many ways, but there are some significant differences.

An FHA mortgage is government insured, so lenders are protected against default. That insurance, for which borrowers pay a mortgage insurance premium, encourages qualifying lenders to make FHA loans.

The buyer's closing costs are limited and the required down payment is lower. There is a price ceiling on the amount a homebuyer can borrow with an FHA mortgage, based on the state and county where the property is located.

Furthermore, people who may not qualify for a conventional mortgage because of previous credit problems may qualify for an FHA loan.

These mortgages are assumable, which means a new buyer can take over the payments without having to secure a new loan.

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21, new FHA mortgages will require lenders to collect interest only on the balance remaining on the date of closing for a home sale or refinancing.
Licensed in 26 states and the District of Columbia, Total Mortgage offers a variety of products and programs including fixed-rate loans, adjustable-rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more.
The first change Stevens addressed was the increase in the upfront FHA mortgage insurance premium (MIP) for all forward FHA mortgages by 50 basis points to 2.
As for rooting out fraud that contributes to high loss rates, the obvious solution is to drop the 100 percent guarantee on FHA mortgages.
This loan-granting model severely limited access to FHA mortgages for black Americans.
Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities,'' HUD Acting Secretary Alphonso Jackson said in a statement.
Some FHA mortgages have sizes above the mortgage limits used for the Fha-eligible category because the FHA establishes higher mortgage limits for two-, three-, and four-family properties.
FHA mortgages, moreover, are of the life tenure type; that is, borrowers need not repay the loan until they die or move out of their mortgaged residences (perhaps to nursing homes).
This extra measure of security made FHA mortgages easily tradable.
It was developed in response to the growing need for FHA mortgages in the current market environment.
Licensed in 25 states and the District of Columbia, Total Mortgage offers a variety of products and programs including fixed-rate loans, adjustable-rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more.
But FHA mortgages are taking more of a primary lending role in today's less-flexible marketplace.