Insured Mortgage Law & Legal Definition
An insured mortgage is one which has an insurance policy, usually issued by a government agency, protecting the lender against the borrower's default. For example, the 203(b) Mortgage Insurance program provides mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
The Federal Housing Authority (FHA), which is part of the HUD, promotes homeownership by underwriting homeownership for lower and moderate income families. FHA assists first-time home buyers and others who might not be able to meet down payment requirements for conventional loans by providing mortgage insurance to private lenders. Individuals with a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for an FHA-insured mortgage.
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