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The horizontal "fascia board" which caps the end of rafters outside a building may be used to hold the rain gutter. The finished surface below the fascia and rafters is called the soffit or eave. In classical architecture, the fascia is the plain, wide band (or bands) that make up the architrave section of the entablature, directly above the ...
Home purchase or rehabilitation financing assistance – In this type of activity, the HOME program may provide a down payment for the purchase of a housing unit to a financial institution, thereby reducing the monthly mortgage payment of the loan balance for a low-income family that otherwise could not afford the monthly payment. The down ...
Removing mortgage insurance premium by paying down the loan has become more difficult with FHA loans as of 2013. [3] The program originated during the Great Depression of the 1930s when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. The government subsidized some ...
The FHA streamline refinance program makes it easier and cheaper for borrowers who have a Federal Housing Administration-insured mortgage to refinance their loans at lower rates.
The funds for guaranteed mortgages come from private-sector lenders, but the loan is backed by a guarantor, typically a government agency, that will pay out money to the lender if the borrower ...
The FHA streamline refinancing program requires no repairs be made to the property except for the removal of lead-based paint. [6] For example, repairs to a roof, foundation or electrical wiring are not required for an FHA streamline refinancing. The FHA streamline refinancing program does not permit home owners to receive equity back as cash. [7]
Principal – The specific amount of money you borrow from a mortgage lender to purchase a home. If you were to buy a $400,000 home, for instance, and take out a loan in the amount of $350,000 ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.