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The Guide to Single Family Home Mortgage Insurance

Source: www.pueblo.gsa.gov
Topic: Home Insurance

Sort Desciption: Home Mortgage Insurance. www.hud.gov. espanol.hud.gov. U.S. Department of Housing and Urban Development. Office of Housing Office of Single Family Housing ...

Content Inside: The Guide to Single Family Home Mortgage Insurance www.hud.gov espanol.hud.gov U.S. Department of Housing and Urban Development Office of Housing Office of Single Family Housing Becoming a Homeowner Many people in the United States dream of owning their own homes, but few are able to pay cash for them. Many individuals and families who could not otherwise afford to own a home become homeowners with the help of the Federal Housing Administration (FHA) mortgage insurance programs. FHA is a part of the U.S. Department of Housing and Urban Development (HUD). One of the chief purposes of FHA is to help people obtain financing to buy their homes. This booklet can help homebuyers understand how they can make use of FHA mortgage insurance programs. It explains: â€¢ How FHA mortgage insurance works â€¢ Who can use FHA mortgage insurance â€¢ How to shop for a HUD-approved lender â€¢ How to apply for an FHA-insured mortgage loan â€¢ What restrictions apply to FHA-insured mortgage loans Buying a home is the biggest single purchase that most people will make in their lifetimes. Most people borrow money through a mortgage loan to buy a home. Some people reduce the amount of money they bor- row by making a large downpayment on the loan to buy a home. Persons who do not have money for a large downpayment may need the help of an FHA-insured mortgage to get a loan. 1 Mortgageâ€”A legal document that promises a property to the lender as security for payment of a debt. See for more information about mortgage loans. Downpaymentâ€”The part of the purchase price that a buyer pays in cash and is not included in the mortgage. 2 How FHA Mortgage Insurance Works FHAâ€™s mortgage insurance programs help low- and moderate-income individuals and families obtain financing to buy homes or refinance their current mortgages. FHA mortgage insurance allows a homebuyer to make a low downpay- ment and get a mortgage loan for the balance of the purchase price. The mortgage loan ...

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