What are the interest rates for a FHA-insured loan?
While interest rates vary according to your individual circumstances, FHA-insured loan interest rates are considered competitive by today’s market standards. How much do I need for a Downpayment? FHA-insured loans have as low as 3% downpayment. Even better is the fact that the money can come from a family member, employer, charitable organization, or even your personal IRA. What if I’ve had trouble qualifying for a mortgage? Since the FHA is the one insuring your mortgage, banks may be able to give you loan terms that are more favorable and allow you to qualify for a mortgage that you previously had trouble qualifying for. What if I have less than perfect credit? A stellar credit record is not needed in order to qualify for an FHA mortgage. If you’ve had issues with credit in the past such as bankrupcy or defaulting on loans it may actually be easier to qualify for an FHA loan rather than a traditional loan. What if I fall on financial hardships during the course of the loan? The FHA i
