Interest-only fixed rate loans are loans in which the borrower pays only interest at a fixed rate and nothing towards the principal of their mortgage loan. Interest-only fixed rate loans are a component of certain HUD multifamily loan programs, such as HUD 221(d)(4) loans for the construction and substantial rehabilitation of multifamily properties.
HUD-held loans are loans that were originally insured by HUD, and are now owned by HUD itself. HUD-held loans are different than HUD-owned properties, as these are properties in which the title of the property is now held by HUD as the result of a borrower foreclosure.
HUD-approved lenders are those that can offer HUD multifamily financing and other HUD-insured home loans to borrowers. In order to qualify to become a HUD-approved lender, a lender must meet specific requirements, including having a specific net worth, maintaining good credit, and having employees with a certain amount of experience in the mortgage industry.
Ginnie Mae (Government National Mortgage Association - GNMA) guarantees payments on mortgage backed securities consisting of pools of government-insured loans, including HUD 223(f) loans. While Ginnie Mae guarantees repayment on the MBS, it does not issue, sell, or buy securities itself and does not purchase mortgages.
FHA-insured loans are loans that are backed by FHA mortgage insurance (see also HUD-Held) mortgages). The FHA insures both single family home mortgages, through its 203(b) and 203(k) loan programs, and multifamily mortgages, through programs including the HUD 223(f), HUD 221(d)(4), and HUD 232 loan programs.