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FHA Mortgage Loans

FHA insured loans are a Federal Housing Administration mortgage insurance backed mortgage loan which are provided by FHA-approved mortgage lenders. FHA loans have two types of mortgage insurance premiums: Upfront mortgage insurance and monthly mortgage insurance. The upfront mortgage insurance premium is currently equal to 1 percentage of the loan amount, and the monthly mortgage insurance may be paid monthly. The amount of monthly mortgage insurance is determined by the loan to value (LTV) of the loan and the term of the loan. Mortgage loans with shorter terms and lower loan to values have lower monthly fha mortgage insurance premiums. Your FHA mortgage lender will help you determine the amount of the monthly mortgage insurance.

FHA mortgage loans are insured by the FHA, and this insurance is what typically makes the rate on an FHA loan lower than otherwise.

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Written by fhamortgagelenderstexas

February 12, 2011 at 10:41 am

Posted in FHA Mortgage Loans

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