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
Claim of a person or business to real property such as by exercising an option. ...
Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous mortgage. Junior mortgages ...
An equity-to-value ratio is an excellent tool for those homebuyers that want to understand how profitable an investment is based on the amount of money invested and the actual value of the ...
group of at least two people or businesses combining to engage in a real estate project that would exceed their individual financial abilities. A syndication allows earning to be ...
Pipes from a structure to a sewer for the purpose of sewage disposal. ...
Layer of material put on the outside wall or foundation to prevent the intrusion of water or humidity into the structure. A moisture barrier is constructed out of plastic, aluminum foil, or ...
transfer of real property by legal means such as through inheritance. ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
Have a question or comment?
We're here to help.