An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). FHA loans allow financing flexibility for borrowers with lower down payments and credit scores.
FHA Financing Advantages1, 3, 4:
- 30-Year Fixed Rate, low down payment mortgages
- Owner-occupied, 1- to 4-family properties: finance up to 96.5% of property value
- Credit scores as low as 620
- Rate quoted is with no discount points
- Loan amounts to $625,500 depending on property location: the Base Loan Amount cannot exceed the FHA Statutory Mortgage Limits for each county
Rates quoted are the lowest rates for qualified applicants, are subject to change without notice and are subject to credit approval. Other rates and terms are available and may apply based on our underwriting guidelines. Underwriting guidelines include, but are not limited to, loan amount, credit history and the actual appraised value of the property. Mortgage loans in excess of an 80% Loan-to-Value (LTV) require Private Mortgage Insurance (PMI). Payment schedules are based on a loan amount of $300,000. FHA payment schedules are based on a loan amount of $305,250 and includes the Upfront Mortgage Insurance Premium.
1Please call for rate quotes for loan amounts over the maximum loan amounts listed.
2Maximum LTV without mortgage insurance is 80% for loan amounts up to $1,500,000. Call for maximum loan amounts for LTV over 80%. Payment schedules are based on a loan amount of $650,000.
3The Base Loan Amount cannot exceed the FHA Statutory Mortgage Limits for each county. Please call for additional information.
4FHA loans include financed Upfront Mortgage insurance and Annual Renewal Mortgage Insurance (Monthly MI). Upfront Mortgage Insurance premium is a percentage of the base loan amount & based on transaction type. Annual Mortgage Insurance Renewal premium is a percentage of the base loan amount & based on term & LTV. Please call for additional information