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| FHA Loans |
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FHA Loans
FHA (HUD) has instituted underwriting guidelines that are aimed at helping people purchase a home. Using FHA guidelines, we don't have to follow the standard "Cookie Cutter" guidelines used by many of the other institutions. We try to take the more "Make Sense" approach to mortgage lending.
Term: 30 years
Maximum Amount: $500,000
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| | Unlike the Conventional type mortgage, the FHA loan allows an upfront mortgage insurance to be financed into the loan and a lower monthly mortgage insurance premium, which allows you a lower monthly payment. |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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