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Hurricane Watch 2009
Presented as a Public Service by:
![]() National Community Reinvestment Coalition |
Homeownership Programs
Mortgage Insurance (1-4 families) – Section 203(b)
May 17, 2008
HUD's Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a home of their own
Insurance for Adjustable Mortgages (Section 251)
May 17, 2008
FHA mortgage insurance program, Section 251, insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate.
Growing Equity Mortgage Insurance – Section 245 (a)
May 17, 2008
Section 245(a) enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time. The increased payments are applied to reduce the principal owed on the mortgage and thus shorten the mortgage term.
Graduated Payment Mortgage Insurance Section 245
May 17, 2008
Section 245 enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time.
Mortgage Insurance for Older, Economically Declining Areas - Section 223(e)
May 17, 2008
Section 223(e) provides mortgage insurance to enable people to purchase or rehabilitate housing in older, economically declining urban areas. The program can be used only to supplement other HUD mortgage insurance programs.
Mortgage Insurance for Disaster Victims - Section 303 (H)
May 17, 2008
The Section 203(h) program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
Condominium Unit Mortgage Insurance – Section 234 (c)
May 17, 2008
This program provides mortgage insurance through the FHA for a person who purchases a unit in a condominium building.
Single-Family Housing Insurance for Units in Cooperative Housing Projects- Section 203 (b)
May 17, 2008
The Section 203(n) program insures mortgages for persons buying a unit in a cooperative housing project. The mortgage is made by a lending institution, such as a mortgage company, bank, or savings and loan association, and is insured by HUD's Federal Housing Administration (FHA).
Rehabilitation Mortgage Insurance – Section 203 (k)
May 17, 2008
Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase, or refinancing of a house and the cost of its rehabilitation through a single mortgage - or to finance the rehabilitation of their existing home.
Property Improvement Loan Insurance (Title I)
May 17, 2008
Under Title I, the Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements. |
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