Mortgage Insurance Homes
Program Funding
Annual program obligations reported to SAM.gov.
Program Objective
Helps enable people to purchase a home or refinance an existing mortgage.
Eligibility
Eligible Applicants
- Nonprofit Organization
- Homeowner
All legal residents with a valid Social Security Number are eligible to apply. State and local government agencies, HUD approved non-profit organizations and individuals employed by the Work Bank or a foreign embassy are not required to provide a Social Security number.
How to Apply
Award Procedure
Application is submitted for review and approval or disapproval through a HUD approved lending institution.
Varies.
Program details & compliance
Description
Provides insurance to financial institutions that helps people purchase a home or refinance an existing mortgage.
Mission Categories
Primary: Property and Mortgage Insurance
Use of Funds
Allowed Uses
HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing one-to- four-family housing, as well as to refinance indebtedness on existing housing.
Required Documentation
Documentation regarding the characteristics of the property and the qualifications of the borrower are assembled by the HUD-Approved lending institution and submitted with the application.