FHA loans make getting a mortgage easy

  • Do you need less stringent qualification and credit requirements?
  • Is your down payment or home equity less than 20%?
  • Do you have an FHA loan and want to save money with an easy and fast FHA Streamline refinance?

If you answered “yes” to any of these questions, an FHA loan may be right for you! The easiest way to qualify for refinancing or home buying, an FHA loan gives you a government-insured loan with flexible choices – opt for the security of a fixed rate or the versatility of an FHA 5-year ARM.

Why you should choose Quicken Loans

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FHA loan qualification requirements

  • Credit scores as low as 580 may qualify
  • Refinance up to 97.75% of your primary home’s value
  • Buy a home with as little as 3.5% down (primary home)

How an FHA loan works

  • Your actual payment will vary based on your situation and the current interest rates when you apply
  • Pay your mortgage at any time without pre-payment penalties
  • 30-, 25-, 20- and 15-year terms are all available with fixed rates
  • 5-year adjustable-rate mortgage available

FHA loan extras

  • Refinance your FHA loan easier and faster (and potentially with no appraisal) with FHA Streamline.

Learn more about FHA loans

Date Posted: 07/17/2014
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    Overall: 5 out of 5

Date Posted: 07/17/2014
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    Overall: 5 out of 5

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    Castro Family, Florida
Click to see our assumptions.
  • Mortgage rates could change daily.
  • Actual payments will vary based on your individual situation and current rates.
  • Some products may not be available in all states.
  • Some jumbo products may not be available to first time home buyers.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence with no cash out at closing.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
  • The lock period for your rate is 45 days.
  • The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
  • Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 251-9080 to talk to one of our mortgage experts.
  • FHA Loan: Rate is fixed. The payment on a $203,500, 15-year fixed rate loan at 3.25% and 70% loan-to-value (LTV) is $1503.15 with 1.375 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.45% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of less than or equal to 90%, the 0.45% monthly MIP will be paid for the first 11 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 4.173%.

  • FHA Loan: Rate is fixed. The payment on a $203,500, 30-year fixed rate loan at 3.75% and 70% loan-to-value (LTV) is $1157.31 with 1.875 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 1.30% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of less than or equal to 90%, the 1.30% monthly MIP will be paid for the first 11 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 4.981%.

  • FHA Adjustable-Rate Mortgage: The payment on a $203,500, 30-year FHA Adjustable-Rate Loan with a 2.75% rate and 3.498% APR, assuming 70% loan-to-value (LTV) is $1045.3 with 1.5 points due at closing. After 5 years, the principal and interest is $774.33. Payment does not include taxes and insurance. Rate is variable and may increase after fixed rate period. Payment includes a one time upfront mortgage insurance premium (UFMIP) at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 1.30% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of less than or equal to 90%, the 1.30% monthly MIP will be paid for the first 11 years of the mortgage term, or the end of the mortgage term, whichever comes first. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Payment does not include taxes and insurance. Some state and county maximum loan amount restrictions may apply.

With an FHA loan, financing is easier than ever. Call (800) 251-9080 or fill out the form to get started.

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