FHA Low Rate At 3%

October 17th, 2012 Author:

FHA Mortgage Rates : Approaching 3.00 Percent

The Federal Housing Administration is a government agency, created in 1934. It serves three primary purposes : (1) That is, to improve housing standards related to home-loans, (2) To stabilize the mortgage market, whatever that means and (3) To insure mortgage loans, which means actually backed by the taxpayer.

It is important to remember that the FHA claims that they do not make loans directly. For example, it doesn’t lend money to home buyers or give money for a refinance type of loan. Rather, the FHA insures the loans that mortgage lenders make, again remember the tax payer exemption, so long as those loans meet the FHA’s minimal mortgage home loan guidelines.

FHA purchase mortgage guidelines are similar to conventional mortgage guidelines :

Annual income is verified with W-2 statements and tax returns. Remember, no more STATED or NINA loans
Monthly debts are verified via a credit report and personal statements. No more bank account statements showing cash flow deposits
Employment and assets are verified prior to closing

However, the FHA tends to be more easy with respect to who gets approved. The FHA will often insure the reason-ability test on loans that Fannie Mae or Freddie Mac turn down as a matter of policy, and it does so without charging high mortgage rates.

FHA mortgage rates have been under 4 percent since January 2012.

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