 FHA Mortgage Financing Options
What Kinds of FHA Mortgage Financing options are Available Today?
Purchase FHA Loans - FHA Loans can be used to purchase a home in all 50 states. Purchase FHA Mortgages are available with very low fixed FHA Mortgage Interest Rates. The Maximum FHA Mortgage Amount varies from area to area. The lowest maximum FHA Loan Amount for any area is $271,050.
Refinance FHA Mortgages - FHA Mortgages can be used to refinance home loans for various purposes including interest rate reduction, payment reduction, debt consolidation, cash out, and home improvement. FHA Mortgage Refinance can be used to access up to 97.75% of your homes current appraised value.
Fixed rate loans - Most FHA Loan Terms offered are in fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
Adjustable rate loans - Most first-time home buyers are a little stretched financially, so they want payments as low as possible at the beginning. With FHA's adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (1 Yr CMT the most widely used index, to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.
As you can see, there are many options that are available when considering an FHA Loan Online. Let ENG Lending help you navigate the FHA Mortgage process and get the result you want - Approval!
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