Fixed Rate Loan: 10, 15, 20, or 30 Year Terms
The Federal Housing Administration insures a wide variety of mortgages. These loans are designed to meet the needs of home buyers with low to moderate incomes.
- Low, fixed rates
- Down payment as little as 3.5% of purchase price
- Gift funds allowed to be used towards closing costs
- Minimum credit score of 640 to qualify
- Maximum debt-to-income ratio of 50% to qualify
- Up-Front Mortgage Insurance Premium (MIP) of 1.75% (rolled into the loan) and Mortgage Insurance Premium (MIP) .85% paid monthly
There are many of good reasons to choose an FHA-insured loan, especially if one or more of the following apply to you:
- You're a first-time home buyer.
- You don't have a lot of money to put down on a house.
- You want to keep your monthly payments as low as possible.
- You don't have perfect credit.