FHA Mortgage Loans: Not Just for First Time Buyers Anymore - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Wednesday, May 15, 2013

FHA Mortgage Loans: Not Just for First Time Buyers Anymore

Is your first time buying a home? Or, are you buying your second or third home but do not have a large down payment saved due to the decline in real estate values? An FHA (Federal Housing Administration) mortgage loan may be the right choice for you.

Regardless if you are a first time home buyer or not, your first step when considering the purchase of a new home should always be getting pre-approved for a home loan. And getting approved for an FHA loan may benefit you as a first time home buyer for various reasons. FHA loans require smaller down payments than conventional – typically only 3.5% of the sales price. Also, FHA mortgages allow all of that down payment to be a gift from a family member.

Also, getting approved for an FHA mortgage loan is easier than getting approved for a conventional mortgage loan. While you do not need perfect credit to qualify for an FHA loan, you should have a relatively strong credit history. Although FHA will permit lower credit scores, most banks require a score of 640 or higher, even for FHA loans. In addition, you should have two years of table earnings, preferable from the same employer.

Whether it is your first time buying a home, you have less than perfect credit history or you don’t have the finances to make a large down payment, an FHA loan could be the right choice for you. United Home Loans provides FHA mortgage loans in Illinois, Indiana, Michigan, Minnesota and Wisconsin.

United Home Loans provides Illinois mortgage loans in addition to mortgages in Indiana, Michigan, Minnesota and Wisconsin. Check out our rates below and call us with any mortgage related questions at (708) 531-8388.


Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of May 15, 2013 3.500%/3.519 APR
IL 15 Year Fixed mortgage as of May 15, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more IL mortgage rates


Indiana Mortgage Rates
IN 30 Year Fixed mortgage as of May 15, 2013 3.500%/3.519 APR
IN 15 Year Fixed mortgage as of May 15, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more IL mortgage rates


Michigan Mortgage Rates
MI 30 Year Fixed mortgage as of May 15, 2013 3.500%/3.519 APR
MI 15 Year Fixed mortgage as of May 15, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more MI mortgage rates

Minnesota Mortgage Rates
MN 30 Year Fixed mortgage as of May 15, 2013 3.500%/3.519 APR
MN 15 Year Fixed mortgage as of May 15, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more MN mortgage rates

Wisconsin Mortgage Rates
WI 30 Year Fixed mortgage as of May 15, 2013 3.500%/3.519 APR
WI 15 Year Fixed mortgage as of May 15, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more WI mortgage rates


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