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Essay / Research Paper Abstract
This 4-page paper provides information about mortgages, such as FHA-backed and VA-backed loans, as well as wrap-around mortgages and adjustable-rate mortgages. Bibliography lists 6 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTfhavhalo.doc
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Unformatted sample text from the term paper:
upon a time, the homeowner could obtain a fixed mortgage, which required a somewhat large downpayment, with 30 years to pay it back. However, as mentioned above, there are more
types of mortgages available these days. FHA-Backed Loans. FHA is short for "Federal Housing Administration," which provides mortgage insurance on single family
and multifamily homes (Federal Housing Administration, 2010). FHA loans are funded by the U.S. government - and unlike conventional loans that require higher down payments and stricter underwriting requirements, FHA-backed
loans dont require much in the way of cash to close a loan (Federal Housing Administration, 2010). In an FHA loan, the cost of the mortgage insurance is passed along
to the homeowner, and is typically built into the monthly payment (the insurance cost typically drops off after five years) (Federal Housing Administration, 2010).
The qualifications for an FHA are typically a small down payment, along with a good credit score (i.e., ability to repay the loan).
VA-Backed Loans. VA-backed loans are part of the benefits offered to U.S. veterans by the United States Department of Veterans Affairs. Veterans, active-duty personnel, reservists and National
Guard members are all eligible to apply for VA-backed mortgages (Eligibility for the VA Home Loan Program, 2010). Basically, VA loans means that the government will guarantee up to 25%
of the loan amount - and the veteran (or active duty individual) only needs to put down a small amount for a down payment.
Incidentally, both the FHA and VA back these loans - they dont issue the loans themselves. What happens here is that HUD (in the case of the FHA insurance)
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