FHA Loan

FHA 300x200 FHA Loanloan fha FHA Loan

FHA Loan

 

 

 

Loan terms: 15, & 30 year loans
Interest rate types: Fixed, Adjustable
Loan types: Purchase, Refinance
Property type: Primary Residence

This is a HUD or government insured loan that allows buyers to purchase a home for only 3.5% down. The FHA loan has maximum loan limits for each county which are significantly lower than conventional limits (Utah County’s limit is $323,750). HUD requires 5 years of mortgage insurance after which it can be dropped when the loan-to-value of the home reaches 78%. An FHA loan is excellent for someone who has less money to put down, and someone who has higher debt-to-income ratios, or someone whose credit is less than perfect.

  • Only 3.5% down
  • Flexible qualification guidelines
  • Debt-to-income ratio as high as 55%
  • Requires up-front & monthly mortgage insurance (MI)
  • Maximum loan limits vary by county
  • MI can be cancelled after 5 years and loan-to-value of 78%
  • Allows for no cost, no qualifying “streamline” refinance

Click here to apply for an FHA loan