LSDefine

Simple English definitions for legal terms

FHA mortgage

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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).

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

Eggan

19:01

i cant believe i would have been enrolled at UCI rn... its definitely a great school i just didnt feel like i fit in with the other students when i did pre orientation there

Eggan

19:02

also they didnt give me enough money to justify the cost

UnsuitableMaliciousHedgehog

19:03

Roll Tide

Dkk

19:06

UCI hella liberal and trans. I think you would like it. More liberal than like Berk and UCLA if you can imagine. @Eggan

Dkk

19:06

I did astrophysics for 3 years and hated it. Dropped out of my first college cus of it. @limpweeny

Dkk

19:07

Do not recommend studying physics. Super boring, a lot of math, and most results are not replicable.

Dkk

19:08

Ill say this though. I studied a lot of Otto Hahn and was happy to see him at the start of Oppenheimer. Made a little appearance. Nice tribute.

Eggan

19:08

@Dkk: i know the makeup of UCI but im not from california and i didn't like how i'd have to be isolated from the labor movement since it's not very close to LA and OC is mostly a bunch of rich people tbh

Eggan

19:09

i like berk's proximity to san francisco. the bay area is full of surprises when it comes to labor

Eggan

19:11

thats why i'm mostly centered on cities with major labor activity this cycle (besides chicago) such as NYC, boston DC (where the union headquarters usually are)

sadpadresfan

19:11

Anyone else hella concerned w the uptick in applicants? Not sure if I can use the LSD data of the past to reference

KnowledgeableRitzyWasp

19:12

some dean said they're only expecting 5-15% increase over the whole cycle, still not great, but not 30% like currently

sadpadresfan

19:15

Ohhh okay thank goodness. I saw +38% and lowk got scared

sadpadresfan

19:16

That doesn’t seem too bad if they increase class size by a bit 🙏

Dkk

19:23

Ahh that is true but OC Disney Unions. Can always be involved in those. Some of the biggest unions in California. I was part of that for a couple years but my union was corrupt. @Eggan

Dkk

19:24

Berk is definitely more fun. Unions in LA are of course the screen actors guild and then hospitality stuff like restaurants. It will be good wherever you go imo if that is what you are into.

Dkk

19:25

@sadpadresfan: yeah, Spivey said the same thing wasp pointed out. 30% to start to 15% at the end. I think part of it may also be people just want more variety. Maybe a similar amount of applicants but more variety. More waitlist movement potentially this year. Schools fighting harder for people.

texaslawhopefully

19:57

@KnowledgeableRitzyWasp: the NU dean. Him and Spivey did a podcast on it.

texaslawhopefully

19:58

And if you look at the numbers they're starting to come down. A couple weeks ago we were up 36 percent up, now we're only 26 percent up.

NotJustALawyer

21:03

@texaslawhopefully: if you are trying to do texas law, why not go to UT Austin. Probably better scholarships for you compared to Harvard and its a pipeline. Unless, of course, scholarships don't matter in your case.

jackfrost11770

21:17

i studied hard stem but i just hate being in an actual lab lol

jackfrost11770

21:18

depends on the type of lab work that you do, the only thing i did enjoy doing was bacterial genetics because that shit is super fast and fun, but working in a wet lab is just a lottttt of sitting and waiting around

jackfrost11770

21:18

hence law, lmao

texaslawhopefully

21:33

@NotJustALawyer: I'm trying to do an appellate clerkship and the very top schools just have better placement. And yes, I'm still considering UT, but I think with my numbers I can get scholarship money at most of the T14.

texaslawhopefully

21:37

Also I made my username before I had my lsat back and then UT was my top choice, but I’ve been somewhat open geographically. I also have ties to Texas so I don’t think it’d be hard to get back here if I left the state for law school.

Dkk

21:52

Deja Vu lol

[] baddestbunny

22:07

GM to the Queens whose titties move when they drive over speed bumps 🥰😘.. To the rest of y'all young men, Jiffy Lube hiring 🤨

Dkk

23:49

I one time knew a big girl who would drive with her tits cus her arms didnt reach the wheel. I always thought she would be good in a comedy about a bak robbery where she was the get away driver.

AcousticUnequalYak

0:21

Dkk wtf man...

AcousticUnequalYak

0:21

She prolly looked bad asf 😍

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