Take Advantage of Low Rates: Become a Homeowner With an FHA Mortgage

If you’re a prospective first time home buyer with good credit but not a lot of money for a down payment, an FHA mortgage from Total Mortgage may be able to help you become a home owner.  FHA mortgages only require a 3.5 percent minimum downpayment.  Many other sources of home financing require down payments of twenty percent or more, and it can take many years to save up that much money given today’s home prices.

Home prices have dropped considerably since 2006, and are becoming more affordable in many markets.  Although home prices are still falling in many places, there has been considerable stabilization in a lot of markets.  There are many bargains to be had, especially in distressed and foreclosed property.  There is no telling how long this combination of affordability and low rates will continue.  Now may be and excellent time to stop being a renter and become an owner.

If you do want to get an FHA loan, it is worth noting that there are some in Congress who are seeking to raise FHA minimum down payments to 5 percent or more.  This may be a financially prudent move for the FHA, which is presently under-capitalized, but could delay home purchases for some people who need to save additional money.  Although this move does not appear to be imminent, it should be kept in mind.

If you currently have an FHA mortgage, and you wish to refinance at today’s lower rates, you may be able to save time and money with an FHA streamline refinancing.  The FHA has greatly simplified the refinancing process, and you might be able to cut your monthly payments almost overnight.

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 10:30 A.M., on June 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.