FHA Loans in Greater Chicago
FHA Loans are not just for first-time buyers. Get the truth on FHA Loans and enjoy 3.5% down and easy approval. Call us if you’re unsure if an FHA Loan is best for you.
- Qualify with a down payment as low as 3.5%
- Easy loan qualification
- Marginal credit acceptable
- Expert FHA advice
- Quick approval & closing complete within 30 days
What does FHA stand for?
Federal Housing Administration. FHA is part of HUD, which stands for the Department of Housing and Development (we love our acronyms in the mortgage industry).
How does FHA mortgage insurance work?
FHA requires a two-part mortgage insurance structure with an upfront premium and an annual premium which cannot be cancelled. The upfront mortgage insurance premium (UFMIP) is 1.75% of the loan amount, and the annual premium is .85% for 30 year FHA loans with less than 5% down.
FHA APR/Down Payment Assumptions
Loan payment example: On a $254,375 loan ($250,000 base amount plus $4,375 for prepaid mortgage insurance) with a 3.5% down payment for 360 months at 4.50% interest rate, monthly payments would be $1,462.92. No customer paid closing costs, APR is 5.419%. This payment example does not include amounts for taxes and insurance premiums.