FHA Rate Updates for: Oct. 21, 2009

Many banks have tightened up standards on their mortgage loans in the current lending enviorment. Many Homebuyers are being turned away becasue their Bank does not offer FHA financing options.

FHA is a great way to go if the borrower is putting down less than 20%, even if the borrower has an excellent credit score. Today, many banks are not offering conventional loans with private mortgage insurance for borrowers under 740 with less than 20% available for the down payment. This makes FHA Insured loans loans the only alternative for a homebuyer to obtain financing.

APR based on 3.50% down payment on a $300,000 sale price

FHA Rate Updates for:
10/21/2009

An FHA loan can be obtained with a credit score as low as 640. Many banks are not lending borrowers with a credit score under 680 and some even require a 740 credit score, certainly for the best terms. FHA offers great rates with reduced monthly mortgage insurance, more liberal debt to income allowance, only a 3.50% down payment requirement and up to a 6.0% seller contribution toward your buyers closing costs.

Below is a comparison of FHA and Conventional financing requirements for a $300,000 sale price on a single family residence in Orange County, California.

All of the the above information is deemed reliable but not guaranteed. Please verify through your local FHA Lender.

See my earlier Blog regarding USDA 102% Financing Loans. Click on the following Link:

USDA Guaranteed Rural Housing Program - 102% Financing - No Mortgage Insurance

Please feel free to contact me to find a local FHA lender. I would also love to help you find your North Idaho Dream home!

Your North Idaho Real Estate Pro:

Pam Jank, Realtor, ABR, GRI, CRS, RSPS, PPS
Previews Property Specialist
Web: Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone: 208-661-2282
Fax: 208-772-628 Toll Free: 800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID 838315