The primary benefit of using an FHA adjustable-rate mortgage is that you can probably get a lower interest rate, when compared to a fixed-rate loan. But this is true only during the initial stage. For example, if you were to take out a 3-year FHA ARM loan, you would likely secure a lower rate during those first three years (when it remains fixed) than you might get with a traditional 30-year.
Fha Loan Help With Down Payment Today’s question is: Can my FHA down payment be gifted from a family member in 2017? Can My FHA Down Payment Be Gifted? The short answer is yes, in 2019 the minimum required down payment for an FHA loan (which is 3.5%) can be gifted from a family member, a friend, an employer, or some other approved source.
FHA loans also have some nice features that conventional do not. FHA loans are eligible for “streamline refinances” – which is a cheaper and quicker way to refinance your loan in a low interest rate period. FHA loans are normally priced lower than comparable conventional loans.
Are Fha Loans Fixed Rate – If you are looking for a mortgage refinance service then we can provide a quick and easy way to help you lower your expenses.
. borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year’s payment was $320 higher than this.