FHA Loans
Calculator Disclaimer
Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. Carbon Capital Mortgage Group does not guarantee the accuracy of any information or inputs by users of the software.
This calculator does not have the ability to pre-qualify you for any loan program which should be verified independently with one of our Loan Consultants. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Carbon Capital Mortgage Group does not guarantee any of the information obtained by this calculator.
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Overview
We are pleased to announce that we have lowered our minimum credit score standard on all FHA loan products. There are countless reasons why an FHA loan might be right for you, but here at Main Street Mortgages and Commercial Lending, we believe that these four features are what really sets FHA loans apart.There are countless reasons why an FHA loan might be right for you, but here at Main Street , we believe that these four features are what really sets FHA loans apart. FHA stands for Federal Housing Administration. A Federal Housing Administration loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you’re buying a home or want or refinance your mortgage, FHA loans might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, our FHA loans can give you peace of mind with super low closing costs and flexible payment options
Credit Flexible – FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they’re generally going to be credit-eligible for an FHA loan.
Great Rates and Low Monthly Mortgage Insurance – A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed loan.
Safest ARM Currently Available on the Market – FHA guidelines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a one year ARM that has the lowest adjustment caps of any ARM in the industry.
Variety of Property Types Allowed – While FHA Guidelines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans – One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their monthly payment.
FAQs
What are FHA loans?
FHA stands for Federal Housing Administration. A Federal Housing Administration loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you’re buying a home or want or refinance your mortgage, FHA loans might be right for you. If you’re unsure about your credit rating, or have concerns about a down payment, our FHA loans can give you peace of mind with super low closing costs and flexible payment options.
How do I qualify for FHA loans?
To be eligible for Federal Housing Administration loans, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be fairly considered. You must be able to make a down payment, cover closing costs and have enough income to pay your monthly debt. Call Bank of England Mortgage to discuss your FHA loan eligibility.
What is the cost of FHA home loans?
Interest rates on all home mortgage loans vary according to the economic climate of the country. FHA home loans offer better than standard rates and lower monthly mortgage insurance premiums. Depending on the program, standard FHA home loan interest rates are usually better than a conforming 30-year fixed loan. Call us today for more information on FHA loans.
Can I use FHA loans for home repairs?
Yes! Simple home improvements can be financed with a Federal Housing Administration loan from Bank of England Mortgage. Roof repair, disability accessibility improvements, flooring refurbishment, or the purchase of new appliances are just a few eligible improvements you could make with FHA loans. Ask our experts if your project qualifies for an FHA loan.
Are FHA mortgage loans assumable and can they be refinanced?
Yes & yes! One of the greatest advantages of our FHA mortgage loans is the ability for the loan to be assumed. This allows the buyer a significant advantage in a high-interest rate market, and affords you an excellent sales advantage over your competition. FHA mortgage loans are also eligible for streamlined refinancing, offering you a lower than standard interest rate, which can lower your monthly payment. Streamlined FHA mortgage loans are an excellent selling feature when you’re ready to move up or move on.
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