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A bank or a mortgage company, which offers home loans can be referred to as a ‘mortgage lender’. There are eight different categories of primary mortgage lenders.These are correspondent lenders, mortgage brokers, wholesale lenders, direct lenders, portfolio lenders, mortgage bankers, online mortgage lenders, and sub-prime mortgage lenders.Here, the first three categories are described in detail.o [...]
The Federal Housing Administration (FHA) insures mortgages to allow low to moderate income families to purchase their own home. With government backing, families can buy a home at a lower initial cost. However, there are limitations with this program.Mortgage Insurance – Section 203(b)The FHA provides mortgage insurance, not mortgage loans to families. However, this program [...]