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Fixed Rate FHA Loans

The most common type of fha mortgage loan is a 30 year fixed program where your monthly payments for principal and interest never change.

Adjustable Rate FHA Loan

These variable rate loans start with a low interest rate when compared to a fixed rate mortgage, then the rate changes after a specific period in the mortgage note. The periods range from a month to as much as ten years. Selecting an FHA adjustable rate mortgage with an index that reacts quickly lets you reap the full benefits when interest rates are falling.

Down Payment Choices

FHA Programs allow "Zero down" financing when using or receiving special grants depending on your credit score and other factors. Otherwise, borrowers can typically get 97% financing up to $729,750 on a single family home and upwards of $1 million if buying 3 to 4 units (loan maximum limits are subject to the county and state per FHA guidelines.

FHA loans were rarely used because the previous loan limit of around $362,000 was very low and could not be utilized for many buyers in high-priced areas.

The economic stimulus package passed by Congress in February 2008 increased the maximum FHA loan amount to $729,750 in the Bay Area, and other high cost areas in various states such as California, Florida, New York, Connecticut, Washington. In addition, due to last year's subprime lending meltdown, FHA is assisting borrowers even with damaged credit and little down payment to buy or refinance a home with a government-insured loan.

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