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Concorde Mortgage

(740) 454-8876 or (800) 579-1291

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  • More
    • Home
    • About Us
      • Meet The Team
    • Who We Are
    • Locations
      • Cambridge
      • Zanesville
      • Coshocton
    • Mortgage Options
      • First Time Home Buyer
      • USDA Rural Development
      • USDA New Build Program
      • FHA Loan
      • Conventional Mortgages
      • VA Home Loan
      • Mfg. Home Mortgage
    • Credit Resources
      • How Do I Establish Credit
      • Alternate Credit Sources
      • Get Free Credit Report
      • Improve Your Credit Score
    • USDA Eligibility
    • Down Payment Assistance
    • Videos
      • Homeownership Myths
      • Let's Talk Credit Scores
      • Homeownership
      • Mortgage Myths
      • What If No Money Down
    • Request Pre-Qualification
    • Privacy Policy

(740) 454-8876 or (800) 579-1291

Concorde Mortgage
  • Home
  • About Us
    • Meet The Team
  • Who We Are
  • Locations
    • Cambridge
    • Zanesville
    • Coshocton
  • Mortgage Options
    • First Time Home Buyer
    • USDA Rural Development
    • USDA New Build Program
    • FHA Loan
    • Conventional Mortgages
    • VA Home Loan
    • Mfg. Home Mortgage
  • Credit Resources
    • How Do I Establish Credit
    • Alternate Credit Sources
    • Get Free Credit Report
    • Improve Your Credit Score
  • USDA Eligibility
  • Down Payment Assistance
  • Videos
    • Homeownership Myths
    • Let's Talk Credit Scores
    • Homeownership
    • Mortgage Myths
    • What If No Money Down
  • Request Pre-Qualification
  • Privacy Policy

FHA 3.50% Down Payment FHA Home Mortgage

How a FHA Mortgage Works

 

The FHA does not lend the money; it simply insures that the total mortgage will be paid to the lender if the buyer defaults. It is always the decision of the private lender (a bank, credit union, or savings and loan) to decide if they will or will not lend the money. 


The FHA mortgage program tends to be more forgiving than conventional mortgages in terms of past credit history. A bankruptcy discharged as little as two years ago may not hinder a homebuyer from qualifying for the FHA program.


Typically, FHA mortgages require a 3.5 % down payment. Unlike traditional loans, this money may also be a gifted to the homebuyer from a family member. It does not need to be secured as the homebuyer's own money. 


Borrowers will have to pay MIP (mortgage insurance premium) on the mortgage. MIP is used to ensure that the total amount of the mortgage will be paid to the lender if the buyer defaults. If you pay 10% down payment the FHA MIP disappears after 8 years. 


FHA mortgage amounts have a cap based on the county.    In 2022, the FHA floor is set at $420,680.


Closing costs on FHA are usually between 3-6 % of the total mortgage amount. They are usually the responsibility of the buyer. Currently the FHA allows the buyer to ask the seller to contribute up to 6% of the purchase price to be applied to closing costs and prepaid items. This money may also be gifted to the homebuyer from a family member. It does not need to be secured as the home buyer's own money. 




  • Home
  • Who We Are
  • Zanesville
  • First Time Home Buyer
  • Get Free Credit Report
  • Improve Your Credit Score
  • Request Pre-Qualification
  • Privacy Policy

Concorde Mortgage - NMLS #231592

536 Main Street, Zanesville, Ohio 43701, United States

740-454-8876

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