Explore the Mortgage101 Library
Check Local Mortgage Rates
Today's Average
4.38%
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
Although the insurance protection concept is similar, there are differences between private mortgage insurance and FHA mortgage insurance. FHA insurance is a government-administered mortgage insurance program that does have certain restrictions. FHA has maximum regional loan limits that are lower than those with private mortgage insurance. FHA may be more expensive, take longer to receive approval, and have fewer payment plan options. FHA insurance lasts for the life of the loan, unlike private mortgage insurance which is cancelable in most circumstances. FHA is a good choice for some borrowers with credit history problems that might need special assistance.
More Articles...
What Are Typical Mortgage Down Payments?
What To Do When Mortgages Default
- Home Equity Loans for People with Bad Credit
- Appraisal Basics
- Short Selling a Rental Property
- Should You Refinance? Make Sure the Timing is Right
- How to Get Approved for an FHA Loan despite Bad Credit
- FHA Loans for a First-Time Home Buyer
- Alternatives to Getting a 2nd Mortgage
- FHA Eligibility with Bankruptcy and Foreclosure
- Second Mortgages: Advantages and Disadvantages