FHA 203(b) basic home mortgage program
E7194
The FHA 203(b) basic home mortgage program is the Federal Housing Administration’s primary loan insurance program that helps homebuyers, particularly first-time and lower-income borrowers, obtain affordable, low–down payment mortgages for one- to four-family homes.
Aliases (4)
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
Federal Housing Administration program
→
mortgage insurance program → |
| administeredBy |
Federal Housing Administration
→
|
| alsoKnownAs |
FHA 203(b) program
→
FHA basic home mortgage program → |
| appliesToPropertyType |
four-family homes
→
one- to four-family residences → one-family homes → three-family homes → two-family homes → |
| appliesToPropertyUse |
owner-occupied properties
→
|
| benefits |
increased access to credit for borrowers with limited savings
→
more flexible underwriting standards than many conventional loans → |
| borrowerObligation |
must meet FHA underwriting and eligibility criteria
→
|
| category |
FHA single-family mortgage insurance program
→
|
| country |
United States
→
|
| creditFlexibility |
allows more flexible credit standards than many conventional loans
→
|
| distinguishedFrom |
FHA 203(k) rehabilitation mortgage insurance program
→
|
| downPaymentCharacteristic |
minimum down payment typically lower than conventional loans
→
|
| excludes |
most second homes
→
non-owner-occupied investment properties → |
| feature |
federally insured mortgage loans
→
long-term fixed-rate financing is common → low down payment requirement → mortgage insurance premium requirement → |
| hasLoanLimits |
subject to FHA county loan limits
→
|
| legalBasis |
authorized under Section 203(b) of the National Housing Act
→
|
| lenderType |
FHA-approved lenders
→
|
| loanUse |
purchase of a principal residence
→
refinance of an existing mortgage on a principal residence → |
| marketRole |
supports liquidity in the low- to moderate-income mortgage market
→
|
| occupancyRequirement |
borrower must occupy the property as primary residence
→
|
| partOf |
U.S. federal housing programs
→
|
| propertyStandard |
property must meet FHA minimum property standards
→
|
| provides |
mortgage insurance to approved lenders
→
|
| purpose |
to assist lower-income borrowers
→
to expand homeownership opportunities → to help homebuyers obtain affordable mortgages → to support first-time homebuyers → |
| regulator |
U.S. Department of Housing and Urban Development
→
|
| requires |
borrower to pay annual mortgage insurance premium
→
borrower to pay upfront mortgage insurance premium → |
| riskManagement |
FHA insures lenders against losses from borrower default
→
|
| targetBorrower |
borrowers with limited down payment funds
→
first-time homebuyers → lower-income borrowers → |
Referenced by (5)
| Subject (surface form when different) | Predicate |
|---|---|
|
FHA 203(b) basic home mortgage program
("FHA 203(b) program")
→
FHA 203(b) basic home mortgage program ("FHA basic home mortgage program") → |
alsoKnownAs |
|
Federal Housing Administration
→
Federal Housing Administration ("FHA 203(k) rehabilitation mortgage program") → |
program |
|
United States housing policy
("FHA-insured mortgage programs")
→
|
includesProgram |