FHA mortgages have gained popularity among borrowers in recent years. Since the housing market crisis, lenders have tightened their lending requirements making it tougher for many homebuyers to qualify for conventional mortgage loans. Many of these buyers have opted for FHA mortgages to purchase homes or refinance their current home mortgage loans.
FHA mortgages are mortgage loans which are insured by the Federal Housing Administration which is liable to pay lenders if borrowers default on their mortgage payments. Also FHA mortgages are less stringent on their mortgage requirements, attracting many borrowers who would otherwise have difficulties in qualifying for conventional loans. In addition, FHA mortgages have low down payments of usually 3.5 percent, lower mortgage rates and more refinancing options.
Total Mortgage has some of the best FHA mortgage rates available in the industry. Currently a 30 year fixed FHA mortgage is available at a 4.375% rate and 5.775% APR.
Along with low rate FHA mortgages, Total Mortgage also offers a variety of mortgage products. A 30 year fixed rate mortgage is available at a 4.625% rate with 4.834% APR and a 15 year fixed rate mortgage is available at 4.000% with 4.359% APR.
For more information on FHA mortgages and our current mortgage rates, please call 877-868-2503 to speak with one of our licensed mortgage professional.
Mortgage rates are always changing. All rates were quoted at 11:30 A.M., on December 23, 2010.
*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, 2 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, two 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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