Now is the Time to Qualify for an FHA Mortgage With Total Mortgage

Do you have a good credit history, but not a lot of money for a down payment for a house?  You may be able to qualify for an FHA mortgage from Total Mortgage.  If you have a FICO score above 660 and 3.5 percent for a down payment, you might be able to qualify for a mortgage through the FHA.

One of the missions of the FHA is to make homeownership more accessible to first time and lower-middle income home buyers.  They do this by insuring mortgages against default in order to encourage lenders to offer mortgages to those that might not otherwise qualify.  Currently the FHA insures about 5 million mortgages.  Without FHA insurance, most lenders would require down payments of twenty percent or more, which would exclude many from homeownership.

If you are looking for an FHA mortgage, it is worth being aware that there are some in Congress who would like to raise the minimum FHA down payment to at least 5 percent in order to increase the FHA’s capital reserves, which have fallen below the legally-required 2 percent minimum.

Today’s rate for a 30 year fixed FHA mortgage is 4.250 percent with an APR of 5.563 percent*.  To find out if you qualify for an FHA mortgage, call 877-868-2503 to speak with one of our licensed mortgage professionals.

Over the past 14 years, Total Mortgage has helped thousands of borrowers with their FHA lending needs.  We are a fully approved FHA lender, and our commitment to responsible lending has allowed us to thrive while other mortgage lenders have failed.  We were named one of the fastest-growing, privately-held mortgage companies in the United States by Inc. Magazine in 2010.  We want to help you have the perfect lending experience.  Call us today to see what sets us apart from everybody else.

Mortgage rates are always changing. All rates were quoted at 12:30 A.M., on June 29, 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.