An FHA Loan Friday was available at 5.25% on a 30 year fixed mortgage. This rate is good for a purchase or refinance. On a refinance on an FHA loan we can lend up to 97% of the appraised value of your home. If it is a cash out loan or if we are paying off a 1st and 2nd mortgage that were not used at the same time to purchase a home then we can lend up to 95%. On a purchase all you need is 3.5% down and the down payment can be a gift. FHA loans offer great options for many renters to buy a home and for many established owners to refinance if they have limited equity due to a lack of sales in your neighborhood or comps.
If you currently have an FHA loan and have made 3 payments you may be eligible for an interest rate reduction streamline loan where we will not look at credit, income or appraised value. Call me for details. 414-416-9194
APR on 5.25% is 5.30%
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