What is an FHA-insured loan?
What will be an ideal response?
An FHA-insured loan is a government loan by virtue of being backed by an agency of the federal government. As such it is guaranteed by the U.S. government. More details are given below.
Mortgage loans can be classified based on whether a credit guarantee associated with the loan is provided by the federal government, a government-sponsored enterprise, or a private entity. Loans that are backed by agencies of the federal government are referred to under the generic term of government loans and are guaranteed by the full faith and credit of the U.S. government.
The Department of Housing and Urban Development (HUD) oversees two agencies that guarantee government loans. The first is the Federal Housing Administration (FHA), a governmental entity created by Congress in 1934 that become part of HUD in 1965 . FHA provides loan guarantees for those borrowers who can afford only a low down payment and generally also have relatively low levels of income.
You might also like to view...
The potential for misunderstanding increases when you use language that is speci?c rather than general
Indicate whether this statement is true or false.
Jacob, an expert in traffic patterns requirements for increasing highway lanes, is presenting to the Tennessee Department of Transportation about the need for additional highway lanes between Nashville and Memphis. What would be an effective opening for his presentation?
a. Thank you for having me today. I want to tell you why TDOT needs to increase the number of highway lanes between Nashville and Memphis to 12. b. I am glad to be here! Isn't the weather in Tennessee wonderful today? c. How many of you have spent time on the Interstate 51 between Nashville and Memphis? Then you have seen what I am about to describe. d. All of the above would be equally effective.
Choose the correct verb in parentheses. The stock (raised, rose) 4 percent yesterday
3M Company executives were perplexed when the company's Scotch-Brite floor-cleaning product initially produced lukewarm sales in the Philippines. A Filipino employee explained that consumers generally clean floors by pushing coconut shells around with their feet. 3M changed the shape of the pad to a foot and sales soared. 3M changed its product in response to a Filipino ________.
A. idiosyncrasy B. custom C. belief D. value E. demographic pattern