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FHA MORTGAGE
A FHA Mortgage (Federal Housing Administration) is a loan that is guaranteed by the Federal Government. When going on a FHA Mortgage, it will be necessary to qualify both the borrower and the property. This loan requires a minimum credit score of 580 and a maximum debt to income ratio of 45% (may vary per situation). FHA requires a minimum down payment of 3%. With this loan there will be a 1.5% Up Front Mortgage Insurance Premium (UFMIP) that can either be financed into the loan or paid out of pocket. There is also a monthly mortgage insurance associated with this program that will be mandatory unless purchasing the home on a 15 year term and putting at least 10% down.
Example
Based on a Sales Price of $130,000
| FHA Mortgage 30 Year Fixed Rate Loan |
|||
|---|---|---|---|
| Home 1 | Home 2 | ||
| Sales Price | $ 130,000 | ||
| Minimum Down Payment (3%) | $ 3,900.00 | ||
Base Loan Amount |
$ 126,100 | ||
UFMIP (1.5% figured off of base loan amount) |
$ 1,891.50 | ||
| Total Loan Amount (Base Loan Amount + UFMIP) | $ 127,991.50 | ||
|
$ 757.12 | ||
Monthly Mortgage Insurance |
$ 52.54 | ||
Tax Estimate |
$ 65.00 | ||
Insurance Estimate |
$ 28.00 | ||
Total Monthly Payment (P&I, M.I. Tax & Ins.) |
$ 902.66 | ||
*There are many options on interest rates (i.e fixed, arm, buy down, etc.). Please see additional options or contact your loan officer.
*Closing Costs will also apply. Please contact your loan officer for an explanation and estimate.
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