FHA Mortgage insurance rates have just been raised by FHA. The up front premium and the monthly mortgage insurance fee have both been raised, making FHA slightly more expensive now. On a $160,000 home, the changes equal about $20/month extra. Not too much, but a little. FHA is still one of the most popular loan programs on the market for several reasons.
1. Low down payment of only 3.5%
2. Low interest rates
3. Flexible credit guidelines
4. Seller can up to 6% of the sales price towards buyers closing costs
5. Gift money for the down payment is allowable
6. Parents, close relatives can help with qualifying
7. Can use FHA to purchase 1, 2, 3 and 4 unit properties
FHA for home buyers... a very good mortgage program with some very strong features. For more information on this, call us at 717-431-9299.
FHA loans in PA