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FHA Loan Rates Types 203(b)

FHA Loan Rates Section 203(b) is the most well loved FHA program. You may use this program to buy new or existing 1-4 family homes, including manufactured homes, in both urban and rural areas. A section 203(b) fixed mortgage may be repaid in monthly payments over 15 or 30 years.

Interest rates on FHA loans are generally slightly higher than market rates, while down payment requirements are lower than conventional loans. Down payments can be as low as 3 percent. In many cases, closing costs can be wrapped into the mortgage.

Everyone, who has a satisfactory credit record, enough cash to close the loan, and sufficient income to make monthly mortgage payments can be approved for a section 203(b) mortgage. You do not need to be a first time home buyer to qualify for an FHA 203(b) mortgage.

With a section 203(b) mortgage, you can make extra payments toward the principal when you make your regularly monthly payment. By making extra payments, you can repay the loan quicker and save on interest. You can also pay off the entire balance of your FHA-insured mortgage at any time, with no penalty to you.

Read also : FHA Loan Guidelines and FHA Refinance Loan

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This entry was posted on Tuesday, December 16th, 2008 at 7:15 pm and is filed under FHA Loan Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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