FHA fixed and ARM Government loans 3% down

Purchasing a home ? FHA home loans, FHA insured mortgages, FHA home loans for poor credit are one of the best options with a 3.5% down payment.

Federal Housing Administration’s ( FHA’s) mortgage programs for section 203(b) are your basic 1-4 units family adjustable rate mortgages and 234 condominiums mortgages

These programs are insured by the Department of Housing and Urban development HUD. These programs offers you the opportunity to obtain a mortgage when you may not qualify under strict bank and other conventional guidelines. Its a great time saver, and requires as low as 3.5% down payment in today’s markets.

FHA home loan is the best option in securing your home with very little down payment. FHA refinancing is also available to qulaified home owners.Minimum loan $60,000.Minimum fico scores 580. Income ratios are much higher and that helps qualifying for loans than conventional loans.

FHA 150 FHA 15 year fixed
FHA 110 FHA I year adjustable
FHA 510 FHA 5/1 adjustable

Loan terms 5/1 to 30 year fixed. On adjustable loans index US treasury securities. I year ARM adjustments 12-18 months after first payment. Margins varies. Life cap 5% above start rates.

FHA Government fixed and ARM JUMBO programs Maximum loan limits are determined by geographic areas and as per FHA list for primary residences. Minimum fico scores 580. These are just guidelines and may differ from city to city.

unit Purchase/Rate& Terms LTV
1 unit 417K- 729k 97.75- 95 %
2 unit 533K -934K 97.5- 95 %
3 unit 645k- 1.12m 97.5- 95 %
4 unit 801k- 1.4k 97.5- 95 %

Other FHA loan programs available include cash outs upto 85% if property is held less than 12 months. Minimum fico scores needed 600. If property is held more than 12 months it can go as much as 95% for primary residences only.

FHA has several other loan programs.

Section 203 (b) : A single family program that required 3% down payment. This the most common program available.

Streamline Refinance: FHA ‘s refinancing program with reduced paperwork underwriting criteria for existing homeowners.

Section 203(k)- A single family rehabilitation program that enables borrowers to finance both purchase and refinancing and the cost of its rehabilitation with one loan.

Title Home improvement loans : Consumers can obtain affordable home improvement loans by insuring loans by lenders to improve homes.

Energy efficient mortgages : Borrowers can use this program for purchases or refinances of primary residence that includes the cost of energy efficient improvements.