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A construction-to-permanent loan — also known as a one-time, single-close or construction-perm loan — is a type of mortgage for those building a home. It funds the purchase of land and the ...
There are two types of FHA construction loans: an FHA construction-to-permanent loan and a FHA 203(k) loan. FHA construction loans can be rolled into an FHA permanent mortgage.
(The Center Square) – Elected officials are looking for answers to Illinois’ low number of new homes. Recently seated state Rep. Regan Deering, R-Decatur, said it is apparent that Illinois has ...
The Government National Mortgage Association (GNMA), or Ginnie Mae, is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). [1]
The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB), the Office of Federal Housing Enterprise Oversight (OFHEO), and the U.S. Department of Housing and Urban Development government-sponsored enterprise mission team, [3] absorbing the powers and regulatory authority ...
The annual Mortgage Insurance Premium (MIP) for FHA-insured mortgages varies depending on factors such as the base loan amount, loan-to-value (LTV) ratio, and loan term. For a typical 30-year mortgage, the annual MIP rate ranges from 0.80% to 1.05%. Homebuyers who opt for a 15-year mortgage experience lower MIP rates, ranging from 0.45% to 0.95%.