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FHA Calculator

FHA Calculator refers to a tool that helps you get the estimated cost of having an FHA-insured mortgage loan from an approved lender. One can find such calculators at a lender who is approved by the Federal Housing Agency. The United States Housing and Urban Development, the federal body under which FHA exists, does not provide any such calculator online.

However, one can find a few such tools at the website of Ginnie Mae, which is a federal agency that protects the financial interest of those who invest in MBS backed by FHA-insured loans. For general purposes, a borrower can use the tools and resources provided by their lender. Some times, it also helps to use the service of a third-party company who may be able to explain you in detail the various kinds of calculators available to you.

Every calculator has an underlying purpose for its existence. For example, an FHA calculator with PMI, as the name suggests, helps you know the monthly payment structure while taking into account the Private Mortgage Insurance. PMI is usually a requirement with FHA lending products as borrowers do not have enough resources to present the minimum down payment required by a lender.

As you might know, PMI becomes necessary when you put down less than 20 percent of home value at closing. This acts as a protection for the lender should a borrower defaults on payment. Your payment must include the Mortgage Insurance Premium (MIP) for this coverage until you reach the stage where your lender may allow you to discontinue paying for PMI.

An FHA mortgage usually comes with low down payment requirements and little closing costs. You may want to know how much you can save in closing costs. An FHA calculator with closing costs help you get the required information and compare the advantage you have over a conventional loan.

How Much Can I Afford is the most common name given to a calculator that let you see if you can afford a home. You can check the kind of home you can afford under the present financial condition. You will also get the maximum limit of loan amount available to you under an FHA loan program with a ‘How Much Can I Afford’ calculator.

For more on Calculators offered by different lenders for estimating the cost of a FHA mortgage loan, explore our website realestatezing.com.

Website: www.hud.gov





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