A Federal Housing Administration (FHA) or Veteran's Administration (VA) mortgages are loans insured by governmental agencies. FHA programs enable lenders to arrange financing for the borrower with a minimal down payment.

agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. FHA loans have inspection requirements that often scare sellers but their requirements are rarely stricter than a St. Louis area municipality. (Back to Top) See similar questions...

There are three main types of FHA Financing. More information may be obtained from any mortgage company familiar with FHA Guidelines for the various programs. If the Property does not have any mandatory repairs FHA will insure the Loan hence the classification of "IN" When a property has less than $5000 in repairs to bring it up to Minimum Property Standards, FHA will insure the loan provided the repairs are completed by the Buyer or the Buyer's agent within 90 days from the date of Closing. See similar questions...

PMI stands for Private Mortgage Insurance. This is usually charged to the borrower on loans where the loan amount exceeds 80% of the appraised value of the home. Most lenders want insurance on loan amounts greater than 80% of the homes value due to the risk associated with these loans. The lender has less risk on a loan amount at 80% of the homes value, than at 85, 90, or 95% of the homes value. See similar questions...