FDMCH FORT DRUM NY

Fdmch is a charge from the Federal Housing Administration. This charge is used to finance the mortgage insurance that the FHA provides. The FHA mortgage insurance protects lenders from losses that may occur if the borrower defaults on their loan. This type of insurance allows borrowers to obtain loans with lower down payments and credit scores. In addition, it helps to make the mortgage market more accessible for first-time homebuyers and low-income borrowers. The fdmch charge is paid by the borrower , and it is typically added to the monthly mortgage payment.