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FHA Mortgage Loan Programs

BACKED BY THE FEDERAL HOUSING ADMINISTRATION, DESIGNED FOR LOW-TO-MODERATE INCOME BORROWERS AND OFFER A LOWER DOWN PAYMENT OPTION.

FHA Mortgage Loan Highlights

Opening Doors to Homeownership: Exploring FHA Mortgage Loans
Low down payment: FHA loans have a low down payment requirement of just 3.5%, making it easier for borrowers to become homeowners.
Credit score: FHA loans have a lower credit score requirement compared to conventional loans, usually around 580, with some lenders accepting scores as low as 500.
Loan limits: FHA loan limits vary based on the location and type of property, but are generally lower compared to conventional loans.
Mortgage insurance: Borrowers are required to pay mortgage insurance premiums (MIP) for the life of the loan, which protects the lender in case of default.
Fixed or adjustable rate options: FHA loans offer both fixed and adjustable rate options, allowing borrowers to choose the best option for their financial situation and goals.
Loan terms: FHA loans are available with 15- or 30-year terms, although other options may be available.
Streamlined underwriting: FHA loans have a streamlined underwriting process, which allows for quicker and easier approval compared to conventional loans.

The Federal Housing Administration (FHA) insures all FHA loans that are issued by FHA approved lenders, which enables borrowers to qualify with lower credit scores and a lower down payment amount. FHA loans are designed to assist low to moderate income borrowers and increase home ownership across the US. Many first time homebuyers choose FHA because of the low up front costs, borrowers can put as low as 3.5% down on a new home, financing 96.5% of the home value.

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The principal and interest payment on a $400,000 30-year Fixed-Rate Loan at 7.125% and 80% loan-to-value (LTV) and 760 credit score is $2,695. The Annual Percentage Rate (APR) is 7.350% with estimated finance charge of $9,000. The principal and interest payments, which will continue for 360 months until paid in full, does not include taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 11/2/2023. Subject to borrower approval. Disclosure: All lending products are subject to credit & property approval. Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions & limitations apply.

The Mortgage Calculator is a registered DBA of Mortgage Calculator Company LLC. NMLS ID #2377459. Programs and rates are subject to change without notice. Mortgage Calculator Company LLC is licensed in the following states that require specific licensing disclosures: AZ (#1040352), CA CFL (60DBO-171188), GA Georgia Residential Mortgage Licensee (#2377459), IL MB.6761755 Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 1-888-473-4858. Not licensed or conducting business in New York.

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