A Bridal Registry Mortgage is a unique financial tool, sponsored by the Federal Housing Administration (FHA), enabling soon-to-be-married couples to establish a registry where friends and family can contribute funds. These contributions can be used toward the down payment for an FHA-insured mortgage.
The Federal Housing Administration, or FHA, is a U.S. government agency within the Department of Housing and Urban Development that administers various loan programs, loan guarantees, and loan insurance programs designed to make homeownership more accessible.
A Federally Related Mortgage is a mortgage loan that is governed by federal laws and regulations due to involvement by federal agencies, ensuring compliance and protection for both lenders and borrowers.
The Federal Housing Administration (FHA) is a United States government agency that provides mortgage insurance on loans made by FHA-approved lenders. It aims to make homeownership more accessible, especially for first-time homebuyers, by reducing the risk for lenders and arranging easier borrowing terms for borrowers.
A Home Equity Conversion Mortgage (HECM) allows older homeowners to access some of the equity in their homes, either in the form of monthly payments for life or a fixed term, or as a lump sum or line of credit. This reverse mortgage product is insured by the Federal Housing Administration (FHA).
A measure used by lenders to determine the maximum percentage of a borrower's income that can be allocated to debt payments and still qualify for a loan. This ratio helps assess the lender's risk exposure.
