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More2lend REALTOR HOME FHA PROGRAMS & GUIDELINES FHA PURCHASE PREQUAL FHA REFINANCE DOWN PAYMENT ASSISTANCE FHA RESOURCES

FHA Rate Updates for 1/7/2009
FHA ProgramRateAPR
30 Year Fixed5.000%5.495%
15 Year Fixed4.500%5.341%
5/1 ARM5.250%3.979%
3/1 ARM4.750%3.386%
APR based on 3.0% down payment on a $300,000 sale price

FHA
Purchase Assistance Program

FHA Purchase Assistance Program

1.0% Borrower Closing Cost Credit
(FHA Purchase loans)

  • 3.0% Down to $729,750
  • 0 Down with Approved Down Payment Assistance Program
  • Funds may be 100% Gift for Down Payment and Closing.
  • Up to 6.0% Seller or Lender Credit okay!
  • No Pre Payment Penalty

FHA Refinance

  • Rate & Term Refinance to *97% LTV
  • Cash out available to *95% LTV
  • Past Credit Problems okay!
  • Subprime ARM adjusting? We can help!
  • No Equity? No problem! We will assist you with negotiating a short payoff (or) subordinate financing with your existing lender.

 
We Offer Down Payment
Assistance Programs!

Locked out of homeownership? FHA

*LTV determined by purchase price or property
value determined by an FHA approved appraiser.

 

FHA ARM Loans

FHA Adjustable Rate Mortgage Loans are loans in which the interest rate will possibly change at some future date. The FHA Adjustable Rate (ARM) program has the standard 1 Year Arm and also the popular Hybrid Adjustable Rate Programs.

The FHA Adjustable Rate Mortgage (ARM), 1 year ARM loan is one of the best adjustable rate mortgages currently available. It is available 1-4 unit homes, as well as condominiums, townhomes, and PUDs.

  • One benefit of the FHA Adjustable Rate 1 Year ARM is that it does not offer an initial low "teaser" rate like most other adjustable rate mortgages, therefore it will normally start at a slightly higher rate than most other adjustable loans. Thus you will most likely not have a large first adjustment
  • The yearly interest can rise or decrease no more than 1% per year vs. 2% for a conventional loan.
  • The lifetime cap of the FHA adjustable rate mortgage is no more than 5% over the initial start rate vs. 6% for a conventional loan.
  • Therefore, an FHA ARM can take 5 years before reaching its maximum rate vs. a conventional loan can cap in only 3 years.
  • FHA's adjustable rate mortgage is based on the economic indicator index called the 1-Yr. T-Bill. You can find the current T-Bill rate on many websites like HSH Associates or in the Wall Street Journal
Index + Margin = Fully Indexed Rate
(current 1 Yr. T-Bill Rate) + (percentage, usually 2.25%) = Interest Rate

Example:
Index=1.3% (as of Oct 2003)+Margin of 2.25%=Fully Indexed Rate=3.55%

Other benefits of the FHA ARM (adjustable rate mortgage) is that you can "streamline refinance" to a FHA fixed rate mortgage at anytime.

Borrowers must qualify for one-year ARMs using the mortgage payments based upon the contract or initial interest rate plus 1 percentage point (i.e., the anticipated maximum second-year interest rate) if the loan-to-value ratio is 95 percent or greater

If you have any questions, please send an e-mail to: FHA@more2lend.com (or) contact us at 800-310-7577.

 
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FHA Loan Approval
within 24 hours

 

 

 

M&H Partners, Inc. DBA More2Lend Financial
HUD FHA Approved Lender # 1931000001
Licensed Real Estate Broker, California Department of Real Estate #01325622
Broker of Record: Joseph M. Moore
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