203(b) Mortgage Insurance
What is the purpose of this program?
To provide mortgage insurance for a person to purchase
or refinance a principal residence. The mortgage loan
is funded by a lending institution, such as a mortgage
company, bank, savings and loan association and the
mortgage is insured by HUD.
What are the eligibility requirements?
- The borrower must meet standard FHA credit qualifications.
- The borrower is eligible for approximately 97%
financing. The borrower is able to finance the upfront
mortgage insurance premium into the mortgage. The
borrower will also be responsible for paying an annual
premium.
- Eligible properties are one-to-four unit structures.
- To learn more about the mortgage limits in your
area, go here.
For More Information
Contact FHA approved lenders in your area. Names of lending
institutions can be found in the yellow pages of the telephone
directory under the heading of "Mortgages."
or you can search
for an FHA lender on HUD's website.
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