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
Permits oral evidence to augment a written contract in certain cases. ...
An Act, passed by congress in order to prevent the practice of redlining and disinvestments in central city areas. Redlining is a practice in which lenders refuse to make loans in certain ...
Illegally keeping or holding on to someone else's property. An example is a tenant staying in the apartment after the lease has expired. A court order may be sought to evict the tenant. ...
Study of real estate activities including demand, price, location influence, and current trends. ...
Amount charged for each unit of rental property. An example of a unit might be square footage of space or an apartment. ...
Light weight masonry block using cinders with a high metallic content as the major component. Cinder blocks are widely used in interior partitions. ...
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Flat irregularly shaped stones, ranging from 1 to 4 inches thick, used for terrace or loan walkways. ...
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