One of the many benefits of a FHA Loan is the limited amount of cash necessary to invest in a home. The minmum down payment for FHA loans is 3% and is not required to be your own money. Because the government is insuring these loans, interest rates are usually below conventional fixed rates. FHA is able to do this by charging the borrower a mortgage insurance premium (MIP). Depending upon the type of property being financed, this insurance premium is paid as a one time premium, a monthly premium, or both.

At The Mortgage Group we offer a variety of FHA insured mortgage programs that will accommodate the needs of the homebuying or refinancing public. The most popular of these are the fixed rate mortgage, the adjustable rate mortgage (ARM) and the graduated payment mortgage (GPM). The ARM includes both lifetime and annual caps to protect the borrower against inflationary rate increases. The GPM program provides a preset schedule of gradually increasing payments and starts out considerably lower than the payments of a fixed rate loan.

There are different maximum loan amounts depending on the county in which the property is located. All FHA loans are assumable to qualified buyers and do not require a penalty for paying off the loan ahead of schedule.

FHA Streamline Refinances (with or without appraisal)

This additional program of The Mortgage Group is a refinance of an existing FHA loan. It is a Limited Documentation loan and requires no employment or asset verification. All that is needed is a copy of your existing note on your mortgage (the Deed of Trust) and a brief update of a Loan Application. These Streamline Refinances can be done with or without an appraisal.