Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

What Are 30-Year FHA Mortgage Rates?

Homebuying 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?”

If you want to find out what the current average 30-year FHA mortgage rates are, the most accurate way to find out is to visit your local First Bank and ask about our FHA mortgage loans.

Determining 30-Year FHA Mortgage Rates

Securing a good 30-year FHA mortgage rate depends on a few different factors, including:

  • How much you can put forth as a down payment
  • Whether the loan is fixed or adjustable-rate
  • If the loan is adjustable-rate, your margin
  • Your credit history and current finances

Exterior of a home with planted flowers.

What is an FHA Mortgage Loan?

The recession experienced in the last decade caused a dip in the housing market. This downward trend of the housing market has led to an increasing popularity of FHA mortgage loans. But before you shop around for what all the current 30-year FHA mortgage rates are, it’s important to know exactly what FHA loans are.

An FHA loan is a mortgage that is insured by a government agency called the Federal Housing Administration. By purchasing mortgage insurance, borrowers are often able to secure low interest rates under more flexible qualification requirements. A few key facts about FHA mortgages include:

Down payments for an FHA loan can be as low as 3.5%. This is well below the traditional down payment of up to 20%.

  • FHA loans allow for sellers, lenders or builders to contribute to the closing costs on the buyer’s behalf.
  • The lender must be FHA-approved. First Bank is an example of an FHA-approved lender with 30-year FHA mortgage rates.
  • Mortgage insurance is required. This protects the lender from loss as a result of a default and is what opens the door for low down payments and interest rates.

Visit Your Local First Bank Today

If you want to know what 30-year FHA mortgage rates are, contact your local First Bank representative.

Use a loan officer finder to locate a First Bank loan specialist near you and set up a consultation. If there’s no First Bank loan officer near you, simply fill out our online application and a mortgage specialist will contact you to address your needs.*

*Loans subject to credit approval.

———

MortgageNewsDaily: http://www.mortgagenewsdaily.com/mortgage_rates/

Bank Rate: http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

An older victorian house Should I Buy an Older Home? There’s something about historic homes that’s quite appealing. How many people have paced this floor? What events happened here? First Bank takes a look at the questions you should ask yourself before you buy. 3 min read
Model House Flood Protect Your Home from Mother Nature [INFOGRAPHIC] Mother Nature can do some major damage to your home (and your bank account) if you don't take the necessary precautions. You can protect your home and save money by keeping the elements at bay. 1 min read
15-Year North Carolina Mortgage Rates Looking for information and assistance in choosing a 15-year mortgage rate that suits your needs? First Bank has a North Carolina location nearby that can help you with your decision to invest in a 15-year mortgage. 15-year North Carolina mortgage rates can vary and depend on a number of factors with your application, but to get a rough idea of the current average rates check out the Mortgage News Daily. 15-Year North Carolina Mortgage Rates | First Bank First Bank offers conventional fixed-rate mortgages in terms of 15, 20, and 30 years. Our 15-year fixed-rate mortgages offer predictable monthly payments, as your interest rate and your total monthly payment of principal and interest will remain the same for the duration of the loan. Benefits include: Predictable monthly P&1 payments allow you to budget easily Protection from rising interest rates for the duration of the loan Overall interest paid on 15-year mortgages will be less than other longer-term loans Understanding Mortgage Rates in North Carolina One advantage of a 15-year mortgage rate is that it has a more competitive interest rate than that of its 30-year counterpart. A 15-year mortgage rate may allow the borrower to pay less interest over the duration of the mortgage and build equity more quickly. However, the disadvantage is that your monthly mortgage payments might be higher than that of a 30-year mortgage because you are essentially paying off the mortgage in half the amount of time. Mortgage rates come in the form of fixed or adjustable. The advantage of a fixed-rate mortgage is that your interest rate and mortgage payments will never change during the lifetime of your mortgage. Because of this stability, fixed-rate mortgages are the most popular kind of home mortgages. Adjustable rate mortgages (ARM) come with a fluctuation of interest rates from year to year that are dictated by and reflective of the market. Regardless of the type of the mortgage you choose, the payment of principal itself is only a portion of what’s included in a monthly mortgage payment. Borrowers also must pay the interest, and typically property tax, property insurance, and sometimes mortgage insurance. Compare 15-Year NC Mortgage Rates at First Bank First Bank has several convenient locations in North Carolina and offers mortgages of 3 min read
Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned properties typically make great investments for first-time home buyers or for new business opportunities. Click here to see a list of First Bank’s available properties. About Bank Owned Homes (REO Properties) – Learn More Before You Buy A bank-owned home or real estate owned (REO) home is a home that has been foreclosed on be the mortgage lender. When you purchase a bank-owned property, you go directly through the bank, so you won’t have to deal with any homeowners. Once the mortgage lender or bank owns the property, they can evict the current residents, pay off any necessary tax liens, and make any necessary repairs. In today’s market, buying a home can be pretty expensive—especially when you add in extra costs and potential upgrades or home repairs—so if you are looking to purchase a home, but don’t have a lot of money to spend, a bank-owned home could be a good option. Bank-owned properties make great investments for first-time home buyers or anyone looking for new business opportunities. Advantages of Buying a Bank-Owned Home Bank-owned homes give real estate investors and homebuyers opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process. Some other advantages of buying bank-owned homes include: Bank-owned properties are typically cheaper than newer homes and often offer great terms like low down payments and low interest rates. Buying bank-owned homes can involve less risk and less competition than traditional markets. Bank-owned properties are typically clear of any liens against the property. The bank that owns the foreclosed property is usually the mortgage lender, so it might be easier to negotiate closing costs. Bank owned properties are typically vacant, which can save you from having to evict its current residents. For more information on bank owned homes, check out our article on how to shop for bank-owned properties. ——— Sources: Investopedia: http://www.investopedia.com/terms/f/foreclosure.asp Investopedia: http://www.investopedia.com/terms/t/taxlien.asp 2 min read