Mortgage Rates fall again
Hi,
Today's current rate for FHA 30 Year Fixed is 6.250% (APR 6.256%). Payment per $1000 (including the low monthly mortgage insurance) is $6.58.
The open mortgage insurance is 1.5% of the loan amount and is financed. The monthly mortgage insurance is 0.5% of the base loan amount divided by 12 months.
One of the great features with FHA is that it bid a low down payment and is not credit score sensitive. FHA is disturbed with the last 1-2 years of the borrower’s credit record. Home buyers who have been out of their bankruptcy for two years are also eligible for FHA financing. Non traditional credit lines can also be used (such as cell phone payments, utilities, rent) for buyers who do not have established credit history of 12 months.
The back end ratio (proposed total mortgage payment plus current monthly debts) that is commonly allowable in FHA is 43% of the borrowers monthly gross profits. Expanded ratios are possible depending on the strength of the borrower. There are no income limitations or geographical restrictions with FHA financing.
Cheers
Elina