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Popular FHA Mortgages
The 203(b) FHA Fixed Rate Mortgage Loan Program is the widely used FHA Mortgage loan, especially among first time home buyers. The 203(b) FHA loan keeps your down payment to a minimum. Your closing costs may also be reduced. The 203(b) FHA loan will finance up to ninety-seven percent of your loan. You must qualify with some debt-to-income ratios, but the 203(b) does not have a minimum income requirement. Check with a loan officer about your debt to income ratio, or discuss your financial status with a lender. Find out how to maximize your credit rating before you apply for your FHA loan.
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Other FHA Mortgage Loans
Streamline a HUD Loan
Streamlining your FHA mortgage is particular kind of FHA loan refinancing plan. To qualify, your FHA mortgage must meet certain requirements:
- Your FHA mortgage must not be delinquent.
- Your FHA mortgage must also be currently insured by the FHA.
- Your FHA Streamline Refinance must lower your payments and monthly principal.
Streamlining refers to a reduction in the amount of paperwork needed to accomplish the refinancing. Some lenders advertise "no cost" FHA mortgage streamlining, but you will incur a higher interest rate than if you paid the closing costs up front.
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FHA Fixed Rate Mortgage:
The option of a fixed rate loan is most used by first time homeowners. This option allows for the borrower to be locked into a fixed rate the entire life of the loan which is most cases is 30 years. The reason this is beneficial is the fact that the payment will be the same every month and the borrower can plan accordingly with payments.
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You are probably familiar with a fixed rate mortgage. Your parents more than likely had one, as did their parents before them. The major advantage of fixed rate mortgages is that they present predictable housing costs for the life of the loan. Some fixed rate mortgages you will probably hear about are:
- 30-Year Fixed Rate Mortgages
- 15-year Fixed Rate Mortgages
- Biweekly Mortgages
- "Convertible" Mortgages
When people thought of a mortgage 10 to 50 years ago, they thought of a 30-year fixed rate mortgage. This traditional favorite is not the only choice nowadays because volatile financial times created a whole new range of selections. However, the 30-year fixed rate mortgage may still be the best mortgage for your circumstances. It offers the lowest monthly payments of fixed rate loans, while providing for a never-changing monthly payment schedule. Some lenders offers 25, 20, and even 40-year term mortgages as well. But remember, the longer the term of the loan, the more total interest you will pay.
If you are looking for a traditional 30-year fixed rate loan, we invite you to take advantage of our database of the most competitive lenders available. Just submit a short Rate Quote Request and the best lenders in your local area will contact you with their rates and fees.
The 15-year fixed rate mortgage allows homeowners to own their homes free and clear in half the time and for less than half the total interest costs of the traditional 30-year loan. The loan's term is shortened by the 10 percent to 15 percent higher monthly payments. Some homebuyers prefer this mortgage because it allows them to own their home before their children start college. Others prefer it because they will own their home free and clear before retirement and probable declines in income. If you are interesting in obtaining a 15-year fixed loan, you may want to try our Loan Request Form .
The major disadvantages or the 15-year fixed rate mortgage are the sometimes higher monthly payments. But if saving on total interest costs and cutting the time to free and clear ownership are important to you, the 15-year fixed rate mortgage is a good option. |
