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FHA Loans

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Ruben Garcia Mortgage Group - FHA Mortgage

What’s the buzz about FHA Loans?

Mortgages insured by the Federal Housing Authority are a good option for first-time homebuyers with imperfect credit, as FHA loans enable you to purchase a home without such strict financial restrictions. In simple terms, FHA is more lenient and forgiving than other types of loans.

The downside: FHA loans have mortgage insurance (and paying the premiums lasts for the life of the loan) can be comparatively more expensive. Yes, a large portion of loans with low down payment options will carry mortgage insurance, but the premium on FHA loans will more than likely be higher. Why? Because FHA loans are considered higher risk.

Anyone can apply for an FHA loan, from first-time homebuyers with average credit scores that want to take advantage of lower interest rates and reduced PMI rates versus their options with conventional financing to non-first-time homebuyers that have either limited funds for a down payment, credit issues or need the more relaxed underwriting guidelines offered by FHA.

Millennials are seeing the FHA-backed loans as an increasingly popular option. According to Ellie Mae’s Millennial Tracker, 41% of closed loans to women among 2016 Millennial homebuyers were FHA-backed, as opposed to conventional, VA, or other loan types. In that timeframe, 38% of men preferred FHA backing.

Down Payment Assistance

One of the best things about FHA loans is that they allow for different types of down payment assistance. This means that in a perfect scenario a new homebuyer can get into a home with ZERO to very little money out of pocket!

Conact us to find out more about what options are available for down payment assistance.

Loan Programs

  • 30 Year Fixed
  • 15 Year Fixed
  • High Balance 30 Year Fixed
  • 
High Balance 15 Year Fixed
What properties can be financed under FHA?

  • Single Family Residence
  • 
Condo
  • Townhome
  • Manufacture Homes
  • 2-4 Unit Homes

(FHA will only finance a primary residence.)

Ready to get started? Apply Now!

Apply Now

FHA Mortgage Insurance Premiums

Loan Amount of $625,500 or less

30 Year Fixed Rate

< 5%


Downpayment

0.85%


Annual MIP for the life of the loan

5%–9.99%


Downpayment

0.80%


Annual MIP for the life of the loan

> 10%


Downpayment

0.80%


Annual MIP for the life of the loan

15 Year Fixed Rate

< 10%


Downpayment

0.70%


Annual MIP for the life of the loan

> 10%


Downpayment

0.40%


Annual MIP for the life of the loan

Loan Amount above $625,500

30 Year Fixed Rate

< 5%


Downpayment

1.0%


Annual MIP for the life of the loan

5%–9.99%


Downpayment

1.0%


Annual MIP for the life of the loan

> 10%


Downpayment

1.05%


Annual MIP for the life of the loan

15 Year Fixed Rate

< 10%


Downpayment

0.95%


Annual MIP for the life of the loan

10-21.99%


Downpayment

0.70%


Annual MIP for the life of the loan

> 22%


Downpayment

0.45%


Annual MIP for the life of the loan

$

20%

1%

4.375%

$
$
Want a Copy of the Results?

$1421

Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Want more information on FHA loans?

Contact us
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