| FHA Mortgage Interest Rates
If you have fair amount of idea on the mortgage refinancing industry, you should know FHA is all about. But you will be surprised to know that FHA financing is one of the most popular ways to become a homeowner or refinance an existing mortgage. FHA maximum loan amounts vary by state and county. Generally you can opt for 30 year fixed, a 15-year fixed, and one year ARM with a 1% annual cap and a 5% lifetime cap.
As far as 30-year fixed or level payment is concerned, the monthly principal and FHA mortgage interest rates remains the same for the life of the loan. On the other hand, one year ARM has a different story to tell. The monthly principal and FHA mortgage interest rates on a one-year ARM can fluctuate based on the index and it has a 1% annual cap and a 5% lifetime cap.
If you want to qualify at a lower FHA mortgage interest rates, you can always opt for GPM although it requires a larger down payment and has negative amortization. FHA actually opened up a popular route for the first time homebuyer to opt for mortgage refinancing. And what has made it unparallel is the fact that it has not restricted itself only for first time homebuyers. FHA allows you to buy your third or fourth home with an FHA loan. The only condition is that you may only have one FHA loan at a time. |
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You can find lot of similarities between FHA and Conventional mortgage loans, but there are also some big differences. While FHA mortgage interest rates are similar, credit guidelines are different. FHA allows for borrowers with less than perfect credit to receive the same FHA mortgage interest rates as a borrower with unblemished credit. There is no differentiation among the borrowers.
Before offering lower FHA mortgage interest rates, FHA takes into consideration the borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments will definitely get an edge over others and his or her clean credit record serves as a guide and demonstrates his or her willingness to repay future credit obligations. On the opposite side, a borrower who reflects continuous slow payments, judgments and delinquent accounts will not qualify for the FHA mortgage refinancing.
FHA's mortgage refinancing programs help low and moderate-income families become homeowners by lowering some of the FHA mortgage interest rates. Get in touch with our loan counselors. Our loan counselors will review every aspect of your financial condition to give you the go ahead.
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