HUMS 202 Lecture Notes - Lecture 11: Lenders Mortgage Insurance, Federal Housing Administration, Individual Development Account
Document Summary
Renter"s insurance: protects you against loss/destruction of possessions in event that proprty is stolen or damaged and covers living expenses if you"re unable to live in place due to natural disaster or fire. Home ownership borrow against the equity of house, builds equity (value of home minus balance you owe on it), reduce amount of income tax you pay. Private mortgage insurance needed when getting loan on house if you finace more than 80% of your home"s value, pay insurance every month until may enough payments that insurance can be cancelled. Development account (ida) program participating organizations match your savings contributions to help you save for a down payment or closing costs. Ida programs by taking the pay yourself first lesson. Federal, state, and local governments offer many types of home loan programs. Housing administration (fha) and veteran affairs (va) are just a few of the many home loan programs offered by the federal government.
