Articles Tagged With: Fixed Rate Mortgage

July 6, 2017

Who Should Get An FHA Loan? Part Two

Who should get an FHA Loan? There are many reasons why you might want to explore your FHA loan options, and not all of them involve the need to purchase a new home. FHA loans are for both house hunters and those who are looking to refinance. The options you choose will depend on your financial needs and goals. FHA Loans Are For Refinancing, Too FHA refinance loans are an excellent choice for those who want to refinance. FHA loans can refinance existing FHA mortgages, but also non-FHA loans such as VA or conventional mortgages. Refinancing into an FHA mortgage has an even bigger advantage if you are currently in a non-FHA mortgage with an adjustable rate. You can refinance into a fixed-rate FHA home loan and get the benefit | more...

July 6, 2017

Who Should Get An FHA Loan?

By Bruce Reichstein

Who should get an FHA loan? There are a variety of options with FHA mortgages, and depending on your financial goals and needs, you may find an FHA mortgage is the right choice for you, especially if you are interested in lower interest rates, and a more competitive down payment requirement. FHA Loans Are For Those Who Need A Lower Down Payment You should get an FHA mortgage loan if the idea of paying as much as 10% down doesn’t work for you. FHA mortgage loans require a minimum 3.5% down payment, which is based on the adjusted value of the property you are purchasing. It is important to know that your credit history will play an important part in determining your down payment in some cases; borrowers who have | more...

June 27, 2017

What Is An FHA Loan Rate? FHA ARM Loans and Fixed Rate FHA Mortgages

By Bruce Reichstein

What is an FHA loan rate? We discussed this question in our last blog post-that the FHA and HUD do not set or regulate interest rates on FHA mortgages, the ability of the borrower to buy discount points in order to lower the FHA loan rate up front, and how a borrower’s FICO scores can affect the kind of mortgage rates offered by the lender. But there is still an important issue to cover-the difference between how fixed rate FHA mortgages work and how FHA adjustable rate mortgage loans (ARM loans) work. What are the primary differences between an FHA fixed-rate loan and an FHA ARM loan? FHA Fixed Rate Mortgage Loans FHA fixed rate mortgages feature one interest rate, negotiated up front between the borrower and lender. Once the | more...

May 30, 2017

FHA Adjustable Rate Mortgages in 2017

By Joe Wallace

Are you looking for an FHA adjustable rate mortgage in 2017? FHA single family home loans come in a variety of types including fixed-rate loans and FHA adjustable rate mortgages. The rules for these loans, commonly referred to as FHA ARM loans, are spelled out in HUD 4000.1, the FHA loan handbook. FHA adjustable rate loans can be different than their conventional counterparts, starting with certain restrictions on how often the interest rate may change. Before we dive into that issue, let’s examine how HUD 4000.1 defines the FHA ARM loan: “An Adjustable Rate Mortgage (ARM) refers to a Mortgage in which the interest rate can change annually based on an index plus a margin.” Your loan officer is required to provide a disclosure form, which must be signed, that | more...

May 22, 2017

Getting Ready For An FHA Mortgage Loan

By Bruce Reichstein

Getting ready for an FHA mortgage loan doesn’t just mean checking your credit report and FICO scores, saving up money for a down payment, and reducing your debt-to-income ratio. It also means making important choices about your home and mortgage needs. Some of these choices may need to be made early in the preparation stage, others may come later depending on the type of home you decide to buy. Are you ready for an FHA mortgage loan? Type Of Home Believe it or not, the nature of the property you buy with your FHA mortgage loan could affect the type of home loan you apply for. A typical suburban home isn’t the same as a mobile home or a condo. The loans for a condo or manufactured home have different | more...