I strongly suggest you meet face-to-face with a Loan Officer and go over all these things you're asking about. Many times you'll learn a lot from meeting with a Loan Officer. You'll become educated on what all these terms are. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
FHA was created by Congress in 1934, during the midst of the Great Depression
FHA is one of the few, if not the only100% self-funded government program
FHA is funded by the insurance premiums it collects from homeowners with an FHA-insured mortgage
Prior to FHA, mortgages in America generally required a 50% down payment.
If you're considering purchasing a home, an FHA-insured mortgage may be a great option. However, changes scheduled for April and June will make FHA mortgages more expensive for most buyers. But there are other options. Get preapproved with an experienced mortgage professional. I have extensive experience helping first time buyers become successful homeowners throughout NYC and nearby suburbs. I can be reached directly at 917.699.0183 for more info or assistance.
I value your feedback so please hit the thumbs up, if my reply was helpful. All the best!
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
You have some great responses here so I just wish to provide you a link to the FHA's website where you can learn more about it:
And, here is a link to HUD's website which contains a glossary of real estate terms which you may find helpful:
Prudential Connecticut Realty