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
(1) Subunit integral to a larger unit. (Usually associated with furniture). (2) Permanent fixture or appliance which is not intended to be portable and cannot easily be removed. A home has ...
Representation on a flat surface of any region that depicts the elevation of that region. ...
Individual: Adjusted gross income less itemized deductions and personal exemptions. After taxable income is computed, the tax to be paid can be determined by looking at the tax rate ...
Residential structure designed to house more than one family. Smaller multifamily housing units include duplexes, triplexes, and quadriplexes. Larger multifamily housing is normally termed ...
Amount required to payoff the full balance of the mortgage today. The amount equals the principal balance plus any prepayment penalty. ...
Provision in a lease agreement in which the lessee is given the right to buy the property at the end of lease term. In many cases, the option price is attractive to encourage acquisition. ...
Permission to do something that differs from the basic zoning requirement. An example is a homeowner receiving special authorization to build a two-family house in a single family zoned ...
Way to determine the capitalization rate of income property for valuation purposes by weighting the rate of interest and source of financing in percentage terms. ...
Bottom of a frame such as a window sill. ...
Have a question or comment?
We're here to help.