FHA Home mortgage Calculator

That makes them useful tools for prospective home buyers, especially buyers who need some extra help qualifying for a loan.

Issued by the Federal Housing Administration, these mortgages require lenders to carry mortgage insurance.

That protects the lender from a loss if there’s a default on the loan.

Here’s what you need to know:

FHA loan

Low down payment

You’ll only need a down payment of 3.5% of the home’s purchase price with an FHA.

So if you’re low on cash and want a home, one of these loans can be very useful.

For instance, let’s say you’re looking to buy a $200, 000 home. You’d only need to put down $7, 000 instead of the $40, 000 you’d need if you were putting down 20 percent.

Low credit scores

The FHA has credit requirements that are a little more lax than other lenders.

They don’t have a minimum score you have to meet.

Instead, your credit and your situation are both considered when they’re deciding what to lend.

However, banks have a little more flexibility. And they may impose stricter standards on top of the FHA rules.

Great mortgage rates

You don’t have to sacrifice great mortgage rates for an FHA loan.

In fact, lenders tend to offer some decent deals.

So if you pick up a 30-year fixed-rate FHA loan for $200, 000 at today’s low FHA rates, you’ll pay around $969 per month in principal and interest, according to our mortgage calculator.

That’s as good as you’d get if you put down 20 percent.

Of course, you’ll have to tack mortgage insurance on top of that.

And much of the monthly payment will go to interest in the beginning stages of the loan.

But it’s a good move if that’s what it takes to purchase a home.

Their is ways to save....

2008-03-11 11:12:19 by lvnu2nt

The house. I work in the mortgage business and the FEDS has opened ways to save homes in foreclourse. but she has to make enough income to support the mortgage without child support.
the problem is so many people are buying way above their income.
you are good man for feeling bad, and wanting to help.
maybe you 2 need to ahve a sit down talk about your son, and the home. call the current lender and ask for the hardship refi. offerend by FHA. this may help save the home.
to the person that said Lenders dont wont the home back, that is incorrect the lenders make more by taking the home and resaling it and coming after the 1st owner for...

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