It’s Seems that everything is inflating these days, except INTEREST RATES on FHA LOANS!
FHA loans are not just for hard to qualify homebuyers, but everyone should consider an FHA loan, here’s why:
- Today’s FHA 5/1 ARM hovers around 3.5%. This is a fixed rate for 5 years!
- After 5 years, the annual interest rate cap is limited to 1% annually with a maximum of 5% over the life of the loan. In other words, in year six, the worst case rate is 4.5%, 5.5% in year 7 and so on with a maximum of 8.5%.
Here are a few additional qualifying opportunities:
- Down payments as low as 3.5%!
- Loan amounts up to $729,219 (in high dollar markets only, see your Loan officer for your specific area)!
- Loan is fully assumable!
- Borrower qualifies at 5 year fixed interest rate!