Fixed Rate FHA Loans
Our 30 year FHA fixed rate of 4.000% (5.179% APR)* is near a record low.
What is an FHA Fixed Mortgage?
An FHA fixed rate mortgage where the rate never changes. These loans are a little easier to qualify for so if you have been turned down for a mortgage, it might be time to look at one of these. FHA loans are designed for First Time Homebuyers but are available to everyone. There are only loan amount restrictions that vary by county. FHA loans are allowed for purchases, refinance and even cash out refinances. They also have a "Streamline" program that in most cases is a no cost way to lower your existing FHA loan.
Is an FHA Mortgage Right for you?
- Are you limited on your Down Payment?
FHA loans only require 3.5% down payment. Although there are low down Conventional options, they are often hard to qualify for and the interest rates are much higher, especially if your credit score is below 740. Depending on your situation, it is often better to get an FHA loan over a low down Conventional loan.
- Are you not having luck with a conventional loan?
If you’re having problems qualifying for a conventional loan, you should consider an FHA loan. They are easier to qualify for.
- Are you having a hard time coming up with the closing costs?
Many FHA loans provide a LARGE credit to assist you with your closing costs and prepaid items such as taxes and the escrows. This can alleviate the need for closing costs and only require a down payment from you. Please note that most lenders keep this credit as extra profit. This is not the case at Granite Mortgage. We give you all the credit for you to use towards all your costs.
- Do You need more Cash-Out?
Conventional loans limit the cash-out to 80% LTV and the price adjustments often make the loans expensive. FHA loans will go to 85% LTV cash-out in most cases and there are no pricing or rate adjustments for a cash-out like there are in Conventional loans.
- Is an FHA Loan a "Bad Loan"?
FHA loans have sometimes been labeled as "bad loans". While an FHA loan is not right for everyone, they are actually the "best loan" in many circumstance. Do not ignore these loans, let your loan professional compare all your options with you and come up with the best solution to your needs.
Why Trust Granite With Your Mortgage?
We have the experience, very competitive rates and NO added Lender Fees! Don't be fooled by others that claim low fees, most of them are giving you a higher rate to make up the difference. We are FHA EXPERTS. Click here to read more about Brokers versus Lenders and how rates, pricing and service differ.
Use the request to contact us for a free, no obligation quote.
* Rates and APR figures based on Loan Assumptions found on our Rates page.