What Are 30-Year FHA Mortgage Rates?
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
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.
Bank Rate: http://www.bankrate.com/finance/mortgages/7-crucial-facts-about-fha-loans-1.aspx