Total Mortgage is dedicated to providing borrowers with the best possible service and the lowest possible mortgage rates. We offer a variety of different kinds of mortgages and will work with you to create a customized lending solution that will meet your needs.
One of our most popular kinds of mortgages is the FHA mortgage. After the housing market collapsed, credit became tighter and mortgages became increasingly difficult to get. As a result, FHA mortgages are making up an increasing percentage of loan originations because they are somewhat easier to get than traditional mortgages due to the fact that they are insured by the FHA. At the peak of the housing market in 2005-6, FHA mortgages accounted for about 3 percent of loan originations. As of 2009 they comprised more than 20 percent of new loan originations.
FHA mortgages are great for first time home buyers and those who don’t have a lot of money for a down payment because they only require a minimum down payment of 3.5 percent. Despite the low down payment requirement, FHA mortgages require an up-front mortgage insurance premium as well as an annual mortgage insurance premium. These premiums cover the cost of FHA mortgage insurance. As a result, FHA mortgages have higher APRs than conventional loans with similar mortgage rates.
Total Mortgage is currently offering a 30-year, fixed-rate FHA mortgage at the low rate of 4.500% with an APR of 5.799%. If you are interested in an FHA mortgage, call one of our licensed loan professionals today at 877-868-2503.
Mortgage rates are always changing. All rates were quoted at 11:55 P.M., on March 24, 2011.
*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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Steven Lunetta
March 24, 2011 @ 10:27 am
The housing market would suffer a big blow without FHA. I feel this is the best program available for FTB.
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