Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Mortgage Q&A: What Are Current FHA Rates?


What are FHA mortgage rates? They’re the rates associated with an FHA mortgage.

FHA mortgage rates will vary based on a number of factors. There are fixed rates and adjustable rates, down payments, credit scores of all levels and other factors that will affect the interest rates. The best thing to do is contact First Bank where one of our loan specialists can help answer what current FHA mortgage rates are available to you.

What are FHA Mortgages?

Before you explore current FHA rates, it is important to understand what FHA mortgages are. To start, FHA stands for Federal Housing Administration. According to the U.S. Department of Housing and Urban Development, “FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans.”

What are FHA Mortgage Loan Requirements?

Although some requirements can vary, FHA requirements usually include:

A decent credit score. To receive a FHA mortgage, applicants should have a credit score of at least 580. Applicants with a credit score below 580 may still be eligible for a FHA loan, but will most likely be required to put down a 10 percent down payment.

Verifiable income. According to FHA.com, “FHA loan rules for income have more to do with stability of income, the ratio of monthly financial obligations compared to that income, and the reliability of the paychecks rather than scrutinizing the amount itself.”

Why Get a FHA Mortgage?

In general, FHA mortgages are easier to qualify for than conventional loans, require smaller down payments, and have lower interest rates. For buyers who have decent credit, and who do not have a lot of money to put down, an FHA mortgage can provide the chance to buy a home — a chance that many may otherwise lack.

Call First Bank Today

Now that you have a basic understanding of FHA mortgages, you can inquire with First Bank about what the current FHA rates are. We have representatives who are available by phone Monday through Friday to assist you. Give us a call today to get started.

———-

Sources:

HUD: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory

FHA: http://www.fha.com/fha_credit_requirements

Trending Topics
Bank Accounts for North Carolina Businesses If you’re running a business, you want to make sure your finances are in good order. First Bank* offers North Carolina businesses the bank accounts and merchant services tools needed… What are Secured Loans? There are two types of loans that individuals and businesses can take out when they need extra funds for projects, repairs and other unexpected expenses, secured and unsecured. Secured loans are… How Much Should You Have In Savings at Age 25? If you're wondering how much you should have in savings by the time you're 25, you're already on the right track. At an age where financial independence becomes increasingly more… 5 Financial Tips for Your 30s Your thirties are a great time to get a handle on your finances and start investing in your future. Whether you want to buy a house, build up your retirement or spend time traveling the globe,… What to Know About Joint Checking Accounts Some of the biggest causes of stress in a relationship stem from finances. If you’re considering opening a joint checking account, there are some things you should know. Here are… FHA Loans vs. Conventional Loans: How to Tell the Difference Overwhelmed with the prospect of buying a home? FHA loans and conventional loans are likely two sources of financing that you’ve considered. Let First Bank help you understand these options… Finance 101: Banking Basics Finance 101: Investing in your financial future is one of the smartest things you can do. But there is more to building healthy finances than simply stashing away extra cash in your piggy bank.… How To Make A Budget The best way to save money and gain control over your finances is to make a budget. Follow these simple steps to make a budget that will save you money… First Bank is One of the Top Banks in the U.S.A. When searching for the top banks in the U.S., it is often smarter to work with a small community bank over a national bank like Wells Fargo or Bank of… How Much Money Should I Have Saved by the Time I am 30? Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at…