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what is fha loan mean

6 days ago · First, that means paying a one-time, upfront mortgage insurance premium equal to 1.75% of the loan amount to close the loan. FHA loans also require ongoing mortgage insurance, in the form of an annual premium that gets folded into your monthly payments.

An FHA loan is a loan given by an approved lender where the federal housing administration insures the lender against the borrower’s default. FHA insured loans provide advantages and disadvantages.

An FHA-approved home means you can purchase the home with an FHA loan. One major benefit of using a government-backed fha loan is the low down payment – you only need to pay 3.5% of the home’s value instead of the 5% – 20% required with a conventional loan.

A mortgage on which the lender is insured against loss by the Federal Housing Administration, with the borrower paying the mortgage insurance premium. What FHA Does: By insuring lenders against loss in the event that borrowers default on their loans, FHA encourages lenders to make loans that they might otherwise view as too risky.

The federal housing administration s mortgage programs offer a variety of benefits to low- and moderate-income borrowers. The phrase fha-approved means you have met a certain set of guidelines. An FHA loan is a home mortgage backed by the government – specifically, by the Federal Housing Administration.

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fha streamline interest rates FHA Interest Rates – FHA Mortgage Source – FHA Mortgage Interest Rates April 2016 are starting out about the same as last month. The average fha 30 year mortgage rate currently sits around 3.5-3.625% as we start April. The FHA interest rates noted assumes good credit (over 680 credit scores) and no added points. Home buyers always have the option to "buy down" their interest.

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income needed for 300k mortgage Iowa Home Mortgage: Figuring Out A Mortgage Budget – Calculate How Much of Your Income Should Go Towards Your Mortgage Budget The oldest rule of thumb says you can typically afford a home priced two to three times your gross income. So, if you earn $100,000, you can typically afford a home between $200,000 and $300,000.