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Have Questions about Mortgage & Refinance?

What is FHA?

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family homes, multifamily properties, residential care facilities, and hospitals. It is one of the largest insurers of mortgages in the world.

What is FHA Mortgage Insurance?

FHA mortgage insurance provides lenders with protection against losses if a property owner defaults on their mortgage. The lenders bear less risk because FHA will pay a claim to the lender for the unpaid principal balance of a defaulted mortgage.

Loans must meet certain requirements established by FHA to qualify for insurance.

What is a Conventional Loan?

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

What are the Basic Types of Loans?

Conventional / Fixed Rate Mortgage. Conventional fixed rate loans are a safe bet because of their consistency — the monthly payments won't change over the life of your loan
Interest-Only Mortgage
Adjustable Rate Mortgage (ARM)
FHA Loans
VA Loans
Combo / Piggyback
Balloon
Jumbo

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