Forms | WHEDA – For use by New Correspondent Lenders to receive WHEDA certification on mortgage eligibility prior to receiving full delegated authority Submit this form and required documentation after lender underwriter has reviewed the file, but prior to lender issuing an approval
Understanding the 2 kinds of MIP in FHA Commercial Mortgages. – If you have ever financed a residential property with an FHA loan, you know what the PMI is. If not, PMI stands for (Private Mortgage Insurance).
FHA loans are offered to low-income individuals who have credit scores as low as 500. Individuals with a credit score between 500-579 can obtain an FHA loan with a down payment of 10%; individuals with a credit score higher than 580 can get an FHA loan with as little as 3.5% down.