A Low Down Payment Option
Federal Housing Administration (FHA) loans are a great choice for buyers who don’t have a sizable down payment or for those who are still working on their credit score.1
- Low down payment (minimum 3.5%)
- Seller contribution of up to 6% allowed
- Available for primary residence only
- Mortgage insurance required
|Term||Interest Rates As Low As||Discount Points||APR As Low As|
The interest rate above shows the option of purchasing discount points to lower a loan's interest rate and monthly payment. One point amounts to 1% of the loan amount and is paid at closing. Points don't always have to be round numbers. Purchasing 1.5 points would cost $3,000 on a $200,000 mortgage.
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1 Federal Housing Administration (FHA) loans require a minimum of 3.5% down payment. FHA loans are subject to an up-front mortgage insurance premium of 1.75% of the loan amount, in addition to a monthly mortgage insurance premium, depending on the loan term and loan-to-value (LTV). ↵
2 This rate offer is effective 8/09/2019 and subject to change. Rates are based on creditworthiness, loan-to-value (LTV), occupancy and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates quoted require a loan origination fee of 1.00%, which may be waived for a 0.25% increase in interest rate. Many of these programs carry discount points, which may impact your rate. ↵
An FHA loan of $250,000 for 15 years at 3.875% interest and 5.106% APR will have a monthly payment of $1,834.
An FHA loan of $250,000 for 30 years at 4.000% interest and 5.143% APR will have a monthly payment of $1,194.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. ↵
4 The cash-back bonus is offered in most states and is available for individual sales and purchases of property; offer limited to one cash-back bonus per property with no limit on the amount of times you may use the program. In some states, a gift card or commission credit at closing may be provided in lieu of the cash-back bonus. The program is not available in IA or outside the U.S. Cash-back bonus is not available in AK, LA or OK. In KS and TN, a gift card with preloaded points that are ready for spending at specified retail establishments after closing will be issued. State regulations in KS limit the dollar amounts and the type of incentive. In MS, NJ and OR, a commission reduction may be available at closing. Please check with the program coordinator for details. This is not a solicitation if you are already represented by a real estate broker. The cash-back bonus is only available with the purchase or sale of your home through the use of a program-referred and -approved real estate agent. All real estate transactions are negotiable. Standard listing fees apply. Contact RealtyPlus for terms and conditions. ↵