An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance. They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford. Because this type of loan is more geared towards new house owners than real estate investors,
|FHA 30-year fixed||3.50||4.50|
|FHA 15-year fixed||4.00||5.00|
APR- Annual Percentage Rate
Frequently Asked Questions
What is FHA loan?
What is FHA mortgage insurance?
How is FHA loan different from other loan types?
How can FHA loan benefit me?
- Lower downpayments: An FHA mortgage may require a lower down payment (as low as 3.00 percent).
Note: The interest rate however could be a bit higher than that of a conventional mortgage loan.
- Lower credit scores: First time home buyers can quality for FHA loans even with lower credit scores.