Federal Housing Administration Insured Mortgage
Under a FHA-insured mortgage, both the property and the borrower must meet certain minimum standards. The borrower is charged an insurance fee of one-half percent on the unpaid balance and can, under certain conditions, receive up to 97% financing on the appraised value of the property. Borrowers are not permitted to obtain second mortgages to use down payments. Also, the FHA sets limits as to the maximum loan origination fee charged by the lender. Fha insures these loans for up to 30 years.
Popular Real Estate Terms
Transaction savings realized by setting a fixed and certain price. ...
The term’s balance sheet definition can be described as a financial statement that a company uses to report its liabilities, assets, and shareholders’ equity at a given time. A ...
Bankruptcy declared by any insolvent person or business. In contrast to involuntary bankruptcy, which is applied for by the creditors. ...
Unfulfilled action where something remains to be done in order to complete it. ...
Fees that all tenants or owners must pay for the cost of maintaining common areas. ...
List of dwelling units, such as homes. ...
national trade association of people engaged in the mortgage banking business, dedicated to the betterment of the mortgage banking industry through education, legislation, and high ethical ...
Loan guaranty program included in the Servicemen's Readjustment Act of 1944. Its provisions cover the compensation to lenders for losses they might sustain in providing financing to ...
Administrator of estate is a term used in common-law jurisdiction for a person assigned a particular responsibility. The administrator of estate definition describes a court-appointed ...
Have a question or comment?
We're here to help.