Low Interest Rate FHA Mortgages Available

Total Mortgage, an FHA-approved lender specializing in FHA mortgages is currently offering FHA mortgages at some of the lowest interest rate available. FHA mortgages can be ideal for first-time homebuyers or people short on cash. FHA mortgages require a low down payment of only 3.5% of the total price of the property. This can help many buyers with low down payments. In addition to low down payments, FHA mortgages are more flexible with income and credit requirements compared to conventional mortgages.

If you are shopping for low FHA mortgages, here are certain things that are important to keep in mind. To qualify for an FHA mortgage, borrowers should be employed by the same employer for at least two years. This means a steady employment history is an important factor. Along with this, most lenders require borrowers’ income to be stable or increasing. Credit requirements in FHA mortgage loans are flexible but lenders require borrowers’ credit report to be in a good standing. Also, if a borrower has any bankruptcies in the past, they must have occurred over two year ago, and borrowers must have a good credit for the last two years. In case of foreclosures, they must have happened at least three years ago, with a good credit for the last three years.

FHA mortgages are also a good option for refinancing. A variety of refinancing options are available for homeowners to lower their mortgage rates and save some money in the process.

Currently at Total Mortgage, a 30 year fixed FHA mortgages are available at a low interest rate of 4.625% with 5.918% APR.

For more information on FHA mortgages and to get a custom mortgage quote, please call 877-868-2503 to speak with a fully licensed and certified mortgage professional.

Mortgage rates are always changing. All rates were quoted at 2:15 P.M., on March 4, 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.