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There are several types of FHA loans, including: Basic home mortgage loan or 203(b) loan: The 203(b) loan is the FHA’s main home loan program for buying a home or refinancing. These loans come ...
“An FHA streamline is a unique loan program because there is no income qualification or appraisal needed,” says Brian Green, a mortgage lender and licensed loan officer in Sacramento, Calif.
The upfront mortgage insurance premium (UFMIP) is a fixed 1.75% of the base loan amount and is mandatory, payable in cash at closing or financed into the loan. These MIP payments are a fundamental component of FHA mortgage insurance, serving to protect lenders from potential losses. [24]
An FHA mortgage is a mortgage loan insured by the Federal Housing Administration. This government-backed loan program is a popular choice for first-time borrowers because you don’t need a big ...
The basic FHA mortgage insurance program is Mortgage Insurance for One-to-Four-Family Homes (Section 203(b)). [24] FHA allows first time homebuyers to put down as little as 3.5% and receive up to 6% towards closing costs. However, some lenders won't allow a seller to contribute more than 3% toward allowable closing costs.
Mortgage insurance. All FHA loans require you to pay mortgage insurance premiums (MIP). This includes an upfront premium that’s 1.75 percent of the loan amount, which is paid either at closing ...
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