1 This is not a debit or a prepaid card. 2  Your secured credit card activity is shared with major credit bureaus to help build your credit history. 3  With responsible use over time, you may be eligible for an upgrade to an unsecured credit card. 4  You are responsible for making at least the minimum monthly payment, on time.
DEFINITION of 'FHA Loan'. A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment.FHA loans allow the borrower to borrow up to 97% of the value of the home.EFINITION of 'FHA Loan'. A mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans allow the borrower to borrow up to 97% of the value of the home.
Both the lender and the community must be FHA-approved to receive an FHA-backed loan. The Federal Housing Administration (FHA) is a government-backed agency providing mortgage assistance to homebuyers using loan-qualifiers that are lower than those required by independent mortgage outlets. The FHA requires that lenders and properties be approved by the agency in order to do business under their guidelines. Buyers of condominiums, especially, are restricted as to the communities they are allowed to purchase in because of strict regulations set by the FHA on the communityâs financial stability.