Concepts Definitions
FHA (Federal Housing Administration): A federal agency that insures lenders against losses on mortgage loans, aiming to make homeownership more accessible.
Minimum Property Requirements (MPRs): Standards set by the FHA for properties to qualify for FHA mortgage insurance, ensuring the property’s safety, structural soundness, and sanitary conditions.
Mortgage Insurance Premium (MIP): A fee paid by borrowers on FHA loans, which insures the lender against potential losses in the event of default.
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