Federal Housing Administration Mortgage

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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At the end of this month, the Federal Housing Administration mortgage premium will drop from 1.
Among other things, the designation allows us to grant low-cost Federal Housing Administration mortgage insurance to creditworthy homebuyers who nevertheless might not be able to meet conventional underwriting requirements," Calk said.
Effective July 7, the Department of Housing and Urban Development has amended its regulations that address the predatory practice of property "flipping" and established certain time restrictions regarding the sale of properties whose purchase is being financed with Federal Housing Administration mortgage insurance.
But, after reviewing data on 220,000 Federal Housing Administration mortgage loans made between 1987 and 1989, the study found that black borrowers had twice the default rate of whites.
The proposal would cut personal and business taxes, but also increase significantly the limits on federal housing administration mortgage loans and the loan portfolios of Fannie Mae and Freddie Mac.
For instance, he suggested using a variety of federal programs, including the Federal Housing Administration mortgage insurance programs, mortgage revenue bonds, low-income housing tax credits, Community Development Block Grants and HOME funds in ways to make smart growth development more attractive and less expensive.
Callers will receive a packet of information in Spanish on buying a home and explaining Federal Housing Administration mortgage programs.

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