What is an Interest-Only Fixed-Rate Loan?
An interest-only fixed-rate loan is one in which a borrower pays only interest at a fixed rate and nothing towards the principal of their mortgage loan.
Who is Classified as Frail Elderly?
If someone is classified as frail elderly, they are an older adult who cannot perform at least three daily living activities such as bathing, eating, dressing, grooming, or home management activities.
What is the U.S. Department of Housing and Urban Development (HUD)?
The U.S. Department of Housing and Urban Development, otherwise known as HUD, is a federal government agency that develops, oversees, and executes housing policies, especially regarding affordable and sustainable housing.
What is a HUD-Held Loan?
A HUD-held property is an a property with an FHA-insured loan that is now owned by HUD.
What is a HUD-Approved Lender?
A HUD-Approved lender is one which can offer HUD 232 senior financing and other HUD-insured loans.
What is a Fixed-Rate Mortgage?
Fixed-rate mortgages have with monthly payments with interest rates that do not change.
What is FHA Mortgage Insurance?
FHA mortgage insurance prevents against loan defaults and produces less risk for lenders.
What is a Firm Commitment?
A firm commitment, also known as ‘firm commitment underwriting’, is a lender’s promise to enter a loan agreement with a borrower.
What is an FHA-Insured Loan?
FHA-insured loans are mortgages backed by FHA mortgage insurance.