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Salem Mortgage is happy to discuss your options with you and explain how they work with FHA loans. They offer a competitive rates on home loans and will devise a payment plan that works for you and your family.
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What types of home loans are there?
There are a couple of types of home loans available. Some of those types include FHA loans, Fixed-Rate Mortgage loans, VA loans, and Interest-Only Mortgage loans.
Is mortgage insurance required on manufactured housing loans through FHA?
MIP (mortgage insurance premium) is required on all 30yr fixed FHA loans. 1.5% MIP funding fee, and the monthly 0.5% MIP payment
What are the FHA loan requirements for mortgage insurance?
The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created. Learn more about FHA loan requirements and guidelines.
What rules does a FHA lender have to follow that a traditional mortgage lender does not?
FHA loans are handled differently and have guidelines set forth by the government restricting everything from income limits to down payment amounts. The normal mortgage lenders have guidelines but not nearly as strict as FHA.
What is the Minimum FICO score needed to obtain an FHA mortgage?
FHA guidelines do not require a "Minimum" FICO in order to obtain an FHA loan. Many investors that make FHA loans do, however, have a minimum FICO requirement. Contact a knowledgeable Mortgage professional in your area and he will be able to help you with additional information.
Do FHA regulations prohibit a insurance agent from originating FHA mortgage loans?
You can as long as your new profession isn't mortgage industry related.
What is a FHA loan?
It's a federal assisted mortgage from the Federal Housing Administration (FHA). The FHA loans typically provide loans to people with lower incomes, allowing them to have the ability to own a home.
What types of home loans are there?
There are a couple of types of home loans available. Some of those types include FHA loans, Fixed-Rate Mortgage loans, VA loans, and Interest-Only Mortgage loans.
Is mortgage insurance required on manufactured housing loans through FHA?
MIP (mortgage insurance premium) is required on all 30yr fixed FHA loans. 1.5% MIP funding fee, and the monthly 0.5% MIP payment
What services do TILA mortgage provide?
There are a variety of services that are offered by the TILA Mortgage company. The Seattle based company TILA offers mortgage refinancing, home loans, FHA loans as well as VA loans.
How can I FHA refinance my home mortgage loan?
The federal government administers FHA loans. Any information that you desire to learn about refinancing a government FHA loan can be found on the FHA web site.
What is the acronym MI in Mortgage terminology?
Mi is mortgage insurance. typically refers to conforming loans over 80% LTV. There is however MI on all FHA loans.
What are the FHA loan requirements for mortgage insurance?
The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created. Learn more about FHA loan requirements and guidelines.
What rules does a FHA lender have to follow that a traditional mortgage lender does not?
FHA loans are handled differently and have guidelines set forth by the government restricting everything from income limits to down payment amounts. The normal mortgage lenders have guidelines but not nearly as strict as FHA.
What does the acronym fha gov stand for?
FHA Gov stands for Federal Housing Administration. It provides mortgage insurance on loans made by FHA-approved lenders for single family and multifamily homes.
What are mortgage rates in Salem OR compared to other cities?
Mortgage rates in Salem, OR are 3.25% to 3.75% depending on the % of the downpayment and the amount of years the term will be the loan and if it is a 15 or 30 year fixed loan or a FHA loan.
What is the Minimum FICO score needed to obtain an FHA mortgage?
FHA guidelines do not require a "Minimum" FICO in order to obtain an FHA loan. Many investors that make FHA loans do, however, have a minimum FICO requirement. Contact a knowledgeable Mortgage professional in your area and he will be able to help you with additional information.
