What Are Loans?

There are 3 chief types of mortgage loans that people tap to finance their homes: loans insured by the Federal Housing Administration, the ones that are insured from the U.S. Department of Veterans Affairs and traditional loans. The majority of mortgage loans have the traditional type. It’s essential, then, for homeowners to know precisely what …

FHA Mortgage Rules for Down Payment

Mortgages are insured by the Federal Housing Administration given to home buyers by FHA-approved lenders. Buyers who use FHA-insured mortgage applications have money for a down payment. Since the government backs these loans, lending criteria –including for payments–frequently are relaxed. However, the FHA does have a number of down payment conditions. Credit Scoring Credit score …