Furthermore, an FHA loan requires that you pay two types of mortgage insurance premiums – an Upfront Mortgage Insurance Premium (UFMIP) and an Annual MIP (charged monthly). The mortgage insurance payments are deposited into an escrow account set up by the U.S. Treasury Department. Finally, the funds are used to make mortgage payments in case you default on the loan.

Key Takeaways

  • FHA loans are federally backed mortgages designed for low-to-moderate income borrowers who may have lower than average credit scores.
  • FHA loans require a lower minimum down payments and credit scores than many conventional loans.
  • These loans are issued by approved banks and lending institutions, who will evaluate your qualifications for the loan.
  • These loans do come with certain restrictions and loan limits not found in conventional mortgages.

Dataman Group’s FHA & VA Mortgage Mailing Lists allows Mortgage Marketers to select FHA or VA borrowers by the sale amount of the home; mortgage amount as well as transaction date. Plus, our Enhanced first Time Homebuyers database can be used to target FHA purchase prospects.

Stay updated on the current loan terms for FHA Mortgages.

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PS – Many marketers looking to reach veterans use our VA Mortgage Holders list.