FHA Home Loans

Federal Housing Administration Loan

If you’re looking to buy a home but don’t have an ideal credit score, an FHA loan may be the perfect option. FHA loans are government insured loans that require a low down payment. To protect the borrower, borrowers pay mortgage insurance.

Benefits of an FHA home loans

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  • Great option for borrowers below a 700 credit score
  • Down payment as low as 3.5 percent

**The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $76,312 and an estimated property value of $100,000. The property is located in UT and is within Salt Lake County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 750.

At a 3.750% interest rate, the APR for this loan type is 4.683%. The payment schedule would be:

  • • 12 payments of $402.99 at an interest rate of 3.750%
  • • 12 payments of $402.06 at an interest rate of 3.750%
  • • 12 payments of $401.08 at an interest rate of 3.750%
  • • 12 payments of $400.08 at an interest rate of 3.750%
  • • 12 payments of $399.03 at an interest rate of 3.750%
  • • 12 payments of $397.94 at an interest rate of 3.750%
  • • 12 payments of $396.82 at an interest rate of 3.750%
  • • 12 payments of $395.65 at an interest rate of 3.750%
  • • 12 payments of $394.43 at an interest rate of 3.750%
  • • 12 payments of $393.17 at an interest rate of 3.750%
  • • 12 payments of $391.86 at an interest rate of 3.750%
  • • 227 payments of $353.41 at an interest rate of 3.750%
  • • 1 payment of $354.48 at an interest rate of 3.750%

The monthly payment amounts quoted include the mortgage insurance premium.

Mortgage insurance is required for most FHA loans. The monthly mortgage insurance premium is calculated based on the average annual outstanding balance, so it will vary from year to year.

Payment$353.41

Mortgage Insurance Premium $49.58

Total$402.99

The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

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