FHA Home Mortgage Loan Interest Rates

4 Responses to “FHA loan info, need Help!?”

1. Judy says:

   January 31, 2010 at 12:38 pm

   FHA requires 4% down as of today.
   Closing costs will be minimal – but not sure if out of pocket.
   FHA does not look at credit scores, they look at the reports.
   Make sure he prints out his out from
   annual credit report . com
   do not delete ancient credit card accounts.
   Make sure all credit cards are down to 0 balances before applying for his loan.
   Derrogatory items can be deleted from the reports after 7 years.
   /
2. Bart M says:

   January 31, 2010 at 1:31 pm

   http://www.bankrate.com

   If he’s buying a house, he needs a Realtor.
3. Rusty says:

   January 31, 2010 at 1:34 pm

   The current minimum down payments for a FHA mortgage is between 3% – 5%. As of October 8, 2008 the minimum will increase to 3.5% to 5%. Some of the closing costs can be rolled into the mortgage amount. The premium he is probably talking about is Mortgage Insurance Premium called MIP. This amount is added to the loan amount, paid in cash or paid monthly . It’s insurance for FHA not for you so that a certain amount of the mortgage is insured and minimizes their loss in case you default. Conventional loans with less than a 20% down payment require what is called Premium Mortgage Insurance and again it is to protect the investor, not the mortgagor. With PMI you pay an initial fee and a monthly fee until the mortgage is paid down to 80% of the value.
4. Interest Rates » FHA loan info, need Help!? | FHA Home Mortgage Loan Interest Rates says:

   January 31, 2010 at 2:16 pm

   [...] Read the rest of this fantastic post here [...]

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