Mutual Mortgage Insurance Fund(redirected from Mutual Mortgage Insurance Funds)
Mutual Mortgage Insurance Fund
A pool of liquidity that provides insurance on FHA mortgages. That is, the mutual mortgage insurance fund compensates the Federal Housing Administration in the event of default on a single family home purchased with an FHA loan. Home buyers must pay the premiums for the mutual mortgage fund, including 1.5% of the value of the loan at closing and 0.5% every year until the buyer has 22% equity in the home.