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LSDefine

Simple English definitions for legal terms

FHA mortgage

Read a random definition: medio

A quick definition of FHA mortgage:

An FHA mortgage is a type of loan that helps people buy a home. When you get an FHA mortgage, you promise to pay back the money you borrowed, plus interest, over a certain amount of time. If you can't pay it back, the bank can take your home. The government helps insure the loan, which makes it easier for people to get approved.

A more thorough explanation:

An FHA mortgage is a type of mortgage that is fully or partially insured by the Federal Housing Administration. This means that if the borrower defaults on the loan, the FHA will pay the lender a portion of the outstanding balance. FHA mortgages are often used by first-time homebuyers or those with lower credit scores, as they typically have lower down payment requirements and more lenient credit score requirements than conventional mortgages.

For example, if a borrower takes out an FHA mortgage for $200,000 and defaults on the loan when the outstanding balance is $150,000, the FHA will pay the lender $75,000 (assuming the FHA insurance covers 50% of the outstanding balance).

FHA | FHEO

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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