The FHA loan program is one of the most popular mortgage programs in the United States. The Federal Housing Administration (FHA) does not lend money, but insures loans made through FHA-approved lenders, which reduces their risk if the borrower defaults. This allows lenders to provide loans to borrowers who would otherwise not qualify, including those with average credit or low to middle income.
Following a great deal of defaults and foreclosures, the FHA mortgage program was put in place in the 1930s to offer mortgage lenders insurance against their risk and make home loans more affordable and accessible.
There are many reasons to consider an FHA mortgage:
The upfront MIP requires a premium of 1.75 percent of the purchase price. This will be $5,250 on a $300,000 loan.
This is charged monthly and depends on your loan-to-value ratio and terms. It can range from 0.45 percent to 1.35 percent of the purchase price. Loans with a longer term, and a loan that is less than $625,000, have the highest annual premium.
Not sure if you qualify for an FHA mortgage? The good news is standards are looser than a conventional loan.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020