The FHA offers a variety of adjustable rate mortgages. An adjustable rate mortgage is known as an ARM and the rate will vary over the life of the loan. A fixed rate FHA mortgage has a rate that remains unchanged for the life of the loan. The rate on an ARM is lower than a […]
FHA Adjustable Rate Mortgages (ARM) Offer Benefits and Risks
June 16, 2011 Filed Under: FHA Adjustable Rate Mortgages, FHA Mortgage Basics
FHA Mortgage Insurance – What Is It For And Why Does It Exist?
December 15, 2010 Filed Under: FHA Mortgage Basics, FHA Mortgage Insurance
FHA mortgage insurance (MI) is an essential element of the FHA lending program. Mortgage insurance provides an incentive for lenders to approve FHA loans and is instrumental in protecting the financial integrity of the FHA lending program by covering loan losses. The most common questions regarding FHA mortgage insurance are answered on the website of […]
Understanding the Rules Before You Go House Hunting
December 13, 2010 Filed Under: FHA Mortgage Basics
An FHA mortgage provides first time homebuyers with the opportunity to get a home of their own at an affordable interest rate. The FHA does not finance these loans directly. However, they provide backing to lenders to ensure that if the homeowner defaults on the loan, the lender will not lose their money. While the […]