- FHA Loan:
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
- Generally easier to qualify for than conventional loans.
- Lower down payment requirements.
- Cannot exceed statutory loan limits.
- Seller can pay closing costs.
Currently FHA loans require a minimum of 3.5% downpayment. As of 4/18/2011, for 30 year fixed FHA loans with the minimum down the up front mortgage insurance premium will be 1.0% The annual premium will be based on 115 basis points. Or loan amount X 115 divided by 12 for a monthly mortgage insurance amount that will be in the payment.
Apply for your FHA loan with our HUD-qualified lenders. (RATE QUOTE LINK)