Federal Housing Administration Mortgage

Business / Taxes / Federal Housing Administration Mortgage: Federal Housing Administration (FHA) mortgages, which are made by private lenders, resemble conventional mortgages in many ways, but there are some significant differences. An FHA mortgage is government insured, so lenders are protected against default. That insurance, for which borrowers pay a mortgage insurance premium, encourages qualifying lenders to make FHA loans. The buyer's closing costs are limited and the required down payment is lower. There is a price ceiling on the amount a homebuyer can borrow with an FHA mortgage, based on the state and county where the property is located. Furthermore, people who may not qualify for a conventional mortgage because of previous credit problems may qualify for an FHA loan. These mortgages are assumable, which means a new buyer can take over the payments without having to secure a new loan.

Other Words for Administration

Administration Noun Synonyms: management, direction, conduct, supervision, oversight, superintendence, regulation, charge
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Other Words for Housing

Housing Verb Synonyms: homes, houses, lodging(s), quarters, accommodation, habitation, dwelling, shelter, protection
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Mortgage Pipeline

Business / Finance / Mortgage Pipeline: The period from the taking of applications from prospective mortgage borrowers to the marketing of the loans. MORE

Mortgage Payable

Business / Accounting / Mortgage Payable: A written promise to pay a stated amount of money at one or more specified future dates: a mortgage is secured by the pledging of certain assets, usually real estate, as collateral. MORE

Mortgage Pipeline Risk

Business / Finance / Mortgage Pipeline Risk: The risk associated with taking applications from prospective mortgage borrowers who may opt to decline to accept a quoted mortgage rate within a certain grace period. MORE

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