Despite recent stock market rallies, mortgage rates are still close to their all-time lows, and home affordability is coming back into line with historical expectations. This means that now could be a great time for renters to become homeowners. Despite the favorable market conditions, many are reticent to purchase a home. Frequently this is because of the need for a sizable down payment.
Don’t let the lack of a down payment keep you from achieving your dreams of homeownership. Homeownership may be within your reach thanks to an FHA insured mortgage.
One of the things that makes FHA mortgages attractive to first time home buyers is that they only require a minimum down payment of 3.5%. In comparison, many traditional lenders need down payments of 20% or more. It can take the average person years to save this much money. The FHA is able to offer mortgages with low down payments because they require borrowers to purchase mortgage insurance to protect taxpayers against default.
We are now able to offer 30 year fixed FHA mortgages at the rate of 3.750% with an APR of 5.092%*. This phenomenally low rate could allow you to build home equity while keeping your monthly home payments low.
To take advantage of this low rate, call us today at 877-868-2503. One of our licensed loan officers can help you get pre-approved for a home loan quickly and easily over the phone. Stop renting and start your building for your future today.
*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, one points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.
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