4.25% 30 Year Fixed Rate
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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Competitive FHA Rates

FHA loans are mortgages that are backed by the Federal Housing Administration. If a homeowner defaults on the loan, the FHA is responsible for making sure the lender gets paid, so FHA mortgages pose no risk for the lender.

FHA loans are normally designed for first time home buyers. Many people who are starting a family obtain an FHA loan, so that they can own the home of their dreams.

In order to qualify for an FHA loan, a consumer needs to have a steady source of income. However, people with less than perfect credit can obtain an FHA loan. Most lenders require than individuals put at least a 3.5% down payment on the loan.

FHA mortgage rates are very competitive. Most of the time, the FHA does regulate but does not set interest rates. Home mortgage rates vary among lenders, and they change frequently. Most lenders offer fixed FHA mortgage rates, so the rate does not change, no matter what the state of the economy is.

There are several factors that determine the FHA mortgage rates. The amount of the loan, term of the loan, and closing costs are just a few things that establish the rate. Other things that influence the rate include the consumer’s credit rating, their credit history, and the amount of the down payment. Consumers need to read over the terms and conditions of the loan before they sign any documents.

There is a limit as to how much money a person can get with an FHA loan. Therefore, if the home is valued at a higher price, an FHA loan is probably not the right loan for that particular customer. The limit on FHA loans differs among states.

When a person is interested in obtaining an FHA mortgage so that there family can live in a comfortable home, they should contact several lenders and see who will offer them the best home mortgage rates available.

When getting an FHA loan, consumers will be required to pay mortgage insurance. This can be financed and must be paid each month along with the mortgage payment.

Now is an excellent time to obtain an FHA mortgage, as rates are at an all-time low. FHA loans give people a chance to own a home, so that their family can make memories to last a lifetime.