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Our fast, simple, secure form matches you and your loan needs with different lenders... More
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Calculate the monthly payment for a particular mortgage loan... More
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Learn what rates are offered for different programs... More
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Mortgage industry glossary of terms will help you understand mortgage terminology... Open
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To assist you in your mortgage process, we have provided a mortgage application for you to download and print... More
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LowestRatesLending is an independent mortgage banker who can place mortgages from a variety of lending sources. We pride ourselves on our honest, personal and professional service where we confirm all the
costs and fees upfront... More
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FHA loans have a lower down payment requirement than conventional loans,
but higher than on VA loans. FHA has a more liberal qualifying formula
than on conventional loans but not as liberal as VA loans. FHA loans made
before December 15,1989 are fully assumable and can be creatively financed.
Loans made after December 15, 1989 can be assumed at the same interest rate
with qualification. FHA is more lenient on properties that are older or are
located in undesirable neighborhoods than conventional financing. |
Disadvantages - $197,100 loan limit is inadequate in high cost areas.
Loan processing time is often slower than conventional finance.
Appraisals may contains more repair requirements than conventional loans.
- The amount of downpayment can be as low as 3%.
- Allows 6% seller concession
- Allows for less than perfect credit
As a member of the U.S. military, the U.S. National Guard, a veteran,
or the surviving spouse of a veteran, you may be eligible for a
no-downpayment mortgage that is guaranteed by
the Department of Veterans Affairs (VA).
- Allows for less than perfect credit
- Seller can pay all closing costs
- Allows 0% down
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