Total Mortgage has some of the finest FHA mortgage programs in the country. In order to obtain a FHA mortgage you must first find an FHA-approved lender. Luckily, Total Mortgage is FHA-approved.
FHA fixed rate mortgages are very similar to a conventional fixed rate mortgage. Both have mortgage rates that remain fixed throughout the life of the loan. The difference between the two is that an FHA mortgage is insured by the Federal Housing Administration. This means that if a borrower defaults on his/her loan the Federal Housing Administration is still liable to pay off the lender.
FHA mortgage programs were designed to assist borrowers who cannot meet the criteria for a conventional loan. FHA mortgages have more lenient requirements including lesser credit score requirement. Other benefits of a FHA mortgage include lower mortgage rates, considerably smaller down payments and more refinancing options.
FHA mortgages have a variety of refinance options. Obviously, a borrower can refinance from one FHA mortgage to another one with lower mortgage rates, but a borrower can also refinance to an FHA Streamline mortgage. These require considerably less paperwork than other loans.
For home improvements there is also the FHA 203k mortgage program. This is designed to assist borrowers who are making repairs to their home. A 203k loan cannot be used to make renovations that require architectural planning.
Currently a 30 year fixed FHA mortgage has a 4.000 percent mortgage rate and a 5.178 percent APR. For more information on FHA mortgages or for a complete list of our current mortgage rates call 877-868-2503 to speak with a licensed mortgage expert immediately!
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FhaVsConventionalloan
July 30, 2010 @ 10:50 am
Wow 4% rate today. In my years in the business I haven’t seen anything like it. To add on top of the 4% mortgage rate, the 203k loan program is excellent for borrowers looking to get into a fixer upper.
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