FHA Mortgage Loans

VH

Mark Svihel & Lake Area Mortgage can help you get an FHA Mortgage. FHA mortgages are great for home buyers or refinancers with less home equity and lower credit scores. Lake Area Mortgage has been doing these loans for years and can help you get one very quickly! We also pride ourselves on offering the lowest mortgage interest rates we can on FHA mortgage loans as well as any other type of mortgage.

As mentioned, FHA mortgages are good options for lower credit scores. In some cases, a credit score of 600 to 620 will qualify a person for an FHA mortgage. A conventional mortgage loan would require a higher credit scores in all cases.

FHA down payment requirements are 3.5% of the sales price, which is less than most all conventional options. Same holds true on an FHA refinance, both equity and credit tend to be less restrictive on both the FHA & VA mortgages vs. a Conventional Freddie Mac or Fannie Mae mortgage loan.

Another great item about an FHA loan is the interest rate. The rate tends to be no higher, and in most cases is lower than a typical conventional mortgage.

FHA mortgage loans are great options for some but there are negatives. Plan on spending 1.75% up front or financed into the new mortgage and another .85% monthly. Even though the interest rate may be the same or even lower than a Conventional mortgage. The resulting monthly payment twill certainly is higher than a Conventional mortgage. Even if that conventional mortgage has less than 20% down and needs mortgage insurance attached to it.

Do you have additional questions for Mark? Call or email Mark today.