FHA Loans - Home Buying process provided by Helene Cass and Team specializing in McDowell Mountain Ranch

Financing Your Purchase > Types of Mortgages > FHA Loans

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"Landlords grow rich in their sleep."

- John Stuart Mill

Federal Housing Authority (FHA) Loan:

The government insures these loans so that borrowers can purchase a home with less money down than is required on most conventional loans. The limits on FHA loans are high enough to handle moderately-priced homes in many parts of the country. FHA loans are assumable for future buyers who qualify. Credit scores of 620 or better are needed on these loans.

Hypothetical Home Cost: $400,000
Down payment: $12,118.80 (minimum required is 3.5% of purchase price)
Mortgage Amount: $346,250 (Maximum Available)
Term of Loan: 30 years
Interest Rate: 5.5%
Monthly Payment: : $1,845.10

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