FHA

Question 0

Mortgage insurance (MIP)

Answer 0

Protect lenders and investor for loses to default of a borrower

Question 1

FHA - Federal housing Authority

Answer 1

Was created to provide insurance for mortgage loans.
It is in agency of US department of housing in urban development( HUD).
Make ownership affordable.
Provides a constant and secure methods of financing.

Question 2

FHA

Answer 2

1 to 4 family dwellings.
No maximum sales price.
Maximum loan amount.
Buyer pays everything above maximum loan in cash.
29% – 41% qualifying ratios
Credit score