FHA Loans-FHA Fixed Rate Mortgages
One of the most well-known and used mortgage programs is the FHA Fixed rate mortgage. This type of FHA home loan has two main advantages that appeal to most buyers. With most loans, you pay interest up front and principle towards the end of the loan. With the FHA fixed rate mortgage being amortized, you begin to pay on the principle from the first payment. The second main advantage with this FHA loan, you will not have a prepayment fee.
Like with other traditional fixed mortgage programs, the FHA Fixed Mortgage program offers 15 and 30 year term loans. The difference with the FHA Fixed Mortgage program is that you can refinance or pay this loan off at any time.
This FHA home loan can be used for a single unit property and/or up to a fourplex (4) unit property as long as it meets all FHA Loan Requirements.
As in all FHA loans, the amount that you can borrow is subject to the FHA Loan Limits in your area and for the type of property you are looking to finance with this FHA fixed rate mortgage.
If you would like more information on this or any other FHA programs, Contact Us or fill out the no obligation consultation page
