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In the wake of the housing bubble's collapse, FHA loans have taken on renewed importance for today's mortgage borrowers.
Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.
Because of that insurance, lenders can-and do-offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements.
Here are seven facts all buyers should know about FHA loans.
Less-than-perfect credit is ok: The FHA doesn't mandate a minimum credit score, according to Vicki Bott, HUD deputy assistant secretary for s...
Due to pending snow storm, the deadline to file Assessment Challenges has been extended until Friday, March 7th. If you own property in New York State, you are eligible for formal review of your assessment.
Before pursuing formal review of your assessment, you should first determine if you are assessed fairly:
Step One: What is the assessor's estimate of the market value of your property?
You'll find this information on the assessment roll.
If your municipality is assessing at 100% of market value, your assessment and the assessor's estimate of market value will be identical.
If assessments are not at 100% of market value, you can use this formula to calculate the assessor's estimate of market value:
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