Features and benefits of FHA Loan Programs
FHA Fixed Rate Mortgage
| FEATURES | BENEFITS |
|---|---|
| Higher Ratios | Allows more borrowers to qualify |
| 3% Down Payment | Minimal cash outlay |
| Buydown Option Available | Ability to qualify for more home |
| Fixed Rate | Easy budgeting |
| Financed MIP | Lowers closing close |
| Assumable | No rate increase Buyer must qualify |
FHA Adjustable Rate Mortgage
| FEATURES | BENEFITS |
|---|---|
| Higher Ratios | Allows more borrowers to qualify |
| 3% Down Payment | Minimal cash outlay |
| Lower Initial Payment Rate | Ability to qualify for more home |
| Financed MIP | Lower out of pocket expenses |
| Assumable | Can help in sale of home if buyers qualify |
| Ability to make unscheduled principal reductions and have it impact payments | Can possibly reduce payments at next interest rate adjustment |
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