FHA Loan
More appropriately termed "FHA Insured Loan." A loan for which the Federal Housing Administration insures the lender against losses the lender may incur due to your default. |
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First Mortgage
A mortgage which is in first lien position, taking priority over all other liens (which are financial encumbrances). |
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Fixed Rate
An interest rate which is fixed for the term of the loan. Payments as well are fixed at one amount. |
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