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Finance 11: Government Loans
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Government-Backed Loans
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loans that are insured by the FHA, guaranteed by the VA, provided by the USDA, or by special programs created by individual states or local jurisdictions
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Terms in this set (5)
Government-Backed Loans
loans that are insured by the FHA, guaranteed by the VA, provided by the USDA, or by special programs created by individual states or local jurisdictions
Mortgage Insurance Premium (MIP)
a borrower-paid coverage required for FHA loans, to insure lender in case of borrower default/foreclosure
Streamline Refinance
an option for borrowers who want to take advantage of low interest rates, get out of an adjustable rate mortgage or graduated payment mortgage
Direct Endorsement
when a lender has the authority to approve FHA loans in-house without submitting the file to the FHA regional office for prior approval
VA Loan
loan to purchase or construct homes for eligible veterans and their spouses
