FHA Loan

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.

Learn more about FHA loans @ www.hud.gov.

Apply for your FHA loan with our HUD-qualified lenders. (RATE QUOTE LINK)