FHA Loans Adjustable Rate Programs

Index + Margin = Fully Indexed Rate(current 1 Yr. T-Bill Rate) + (percentage, usually 2.75%) = Interest Rate

Example Index = 5.25% + Margin of 2.75% = Fully Indexed Rate = 8.00% Types of Loans. Loans can have a fixed interest rate or a variable interest rate. Fixed rate loans have the same principal and interest payments during the loan term. Variable rate loans can have any one of a number of "indexes" and "margins" which determine how and when the rate and payment amount change. If you apply for a variable rate loan, also known as an adjustable rate mortgage ("ARM"), a disclosure and booklet required by the Truth in Lending Act will further describe the ARM. Most loans can be repaid over a term of 30 years or less. Most loans have equal monthly payments. The amounts can change from time to time on an ARM depending on changes in the interest rate. Some loans have short terms and a large final payment called a "balloon." You should shop for the type of home mortgage loan terms that best suit your needs. Interest Rate, "Points" & Other Fees. Often the price of a home mortgage loan is stated in terms of an interest rate, points, and other fees. A "point" is a fee that equals 1 percent of the loan amount. Points are usually paid to the lender, mortgage broker, or both, at the settlement or upon the completion of the escrow. Often, you can pay fewer points in exchange for a higher interest rate or more points for a lower rate. Ask your lender or mortgage broker about points and other fees. A document called the Truth in Lending Disclosure Statement will show you the "Annual Percentage Rate" ("APR") and other payment information for the loan you have applied for. The APR takes into account not only the interest rate, but also the points, mortgage broker fees and certain other fees that you have to pay. Ask for the APR before you apply to help you shop for the loan that is best for you. Also ask if your loan will have a charge or a fee for paying all or part of the loan before payment is due ("prepayment penalty"). You may be able to negotiate the terms of the prepayment penalty. Lender-Required Settlement Costs. Your lender may require you to obtain certain settlement services, such as a new survey, mortgage insurance or title insurance. It may also order and charge you for other settlement-related services, such as the appraisal or credit report. A lender may also charge other fees, such as fees for loan processing, document preparation, underwriting, flood certification or an application fee. You may wish to ask for an estimate of fees and settlement costs before choosing a lender. Some lenders offer "no cost" or "no point" loans but normally cover these fees or costs by charging a higher interest rate. Other benefits of the FHA adjustable rate mortgage is that you can "streamline refinance" to a FHA fixed rate mortgage at anytime. Also, since you qualify at the lower start rate, you can qualify for a larger loan amount and a higher sales price home.

Owner Occupied FHA loans are for owner occupied only, meaning you will need to live in the home for at least 1 year. There is no maximum sales price but there is a maximum loan amount for this type of property. The actual maximum loan amount will depend what state and county the property is located.

NO Maximum sales price but there is a maximum loan amount for this type of property.

credit : general FHA guidelines regarding a person's credit history

income: covers the type of income HUD requires for an FHA loan

compensating factors: factors that may help a marginally qualifying borrower

common credit issues: more in-depth information regarding common credit problems facing many FHA borrowers

loan ratios : common loan, income and debt ratios that a borrower must meet in order to qualify for an FHA loan

funds to close: information on acceptable sources for a borrower's down payment and closing cost money.

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