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| FHA Fixed Rate |
| Conventional 30 Year Fixed |
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FHA Fixed Rate
FHA financing is a low, 3.5% down payment program perfect for first time home purchasers. An FHA mortgage is insured by the Federal Housing Administration which means that the lender is assured a safe loan when made to borrowers with very low down payments. FHA loans allow the down payment to be fully gifted from a relative, employer or even a non-profit organization. The closing costs are minimal on FHA loans and are allowed to be paid by the seller. Another advantage is that the credit scores required for FHA loans can be as low as 580 and still allow for only a 3.5% down payment. FHA loans also allow for non-occupant, co-borrowers to help qualify for the home. So a mother and father may help a child purchase their first home and can provide their financial strength to obtain the approval. There are no special income requirements to get an FHA loan. Want more information? Call us!
Term: 30 years
Maximum Amount: $417,000
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Conventional 30 Year Fixed
Term: 30 years
Maximum Amount: $417,000
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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