FHA
Home loan backer
FHA stands for the Federal Housing Administration, a U.S. government agency that insures mortgages made by approved lenders.
An FHA loan requires a lower down payment than conventional mortgages, making homeownership more accessible to first-time buyers and those with modest credit: We qualified for an FHA loan with just 3.5% down.
Secured home loan
- loanBorrowed money repaid later
- downpaymentInitial payment toward purchase
- borrowerOne who takes temporarily
- lenderOne who loans money
underwriting · preapproval · qualification · debt-to-income · escrow · closing · amortization · principal
Visual information overlay
- federalDivided governmental authority
- agencyPower to act
- administrationOrganizational oversight and control
- policyAdopted principle of action
regulation · compliance · guidelines · approval · program · subsidy · reform · standards
Never previously experienced
- buyerOne who acquires things
- affordableReasonably priced
- qualificationRequired skill or condition
- ownershipLegal right of possession
residence · purchase · eligibility · limits · requirements · counseling · assistance · entry-level
For one household only
- multifamilyHousing multiple separate households
- condominiumOwned unit, shared grounds
- manufacturedMade by machinery
- propertySomething owned or inherent
appraisal · inspection · dwelling · development · rehabilitation · energy-efficient
mortgage
Secured home loan
- loanBorrowed money repaid later
- downpaymentInitial payment toward purchase
- borrowerOne who takes temporarily
lender · underwriting · preapproval · qualification · debt-to-income · escrow · closing · amortization · principal · interest
HUD
Visual information overlay
- federalDivided governmental authority
- agencyPower to act
- administrationOrganizational oversight and control
policy · regulation · compliance · guidelines · approval · program · subsidy · reform · standards · oversight
first-time
Never previously experienced
- buyerOne who acquires things
- affordableReasonably priced
- qualificationRequired skill or condition
ownership · residence · purchase · eligibility · limits · requirements · counseling · assistance · entry-level · affordability
single-family
For one household only
- multifamilyHousing multiple separate households
- condominiumOwned unit, shared grounds
- manufacturedMade by machinery
property · appraisal · inspection · dwelling · development · rehabilitation · energy-efficient
premium
Added cost for better
guarantee · protection · risk · claim · mutual · fund · reserve · actuarial · coverage · indemnity
Non-government-insured home financing
conventional mortgage · jumbo loan · private lending · subprime loan · subprime mortgage
Non-institutional loan provider
direct lender · commercial bank · Wells Fargo · private mortgage insurance · JPMorgan Chase
- FHA loanFederally insured home financing