This program is open to first - time homebuyers, trade up and trade down borrowers and provides a 30 - year, fixed - rate government insured loan with no points. (nj.gov)
Unfortunately higher mortgage insurance premiums have made government insured mortgages less appealing because the monthly mortgage insurance payments have risen twice in the last year. (1secondmortgage.com)
Essentially, the federal government insures loans for FHA - approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. (jmj.me)