· FHA Mortgage Loans come equipped with 2 separate types of Mortgage Insurance Premiums: Up Front Mortgage Insurance Premium (UFMIP) — A one-time lump sum charge based on a percentage of the loan amount.
What is an FHA Loan? An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
Fha 30 Year Rate Pre Qualify First Time Home Loan How to Qualify for First Time Home Buyer Programs – While you are discussing first-time buyer programs, you will also want to learn about mortgage loans for first-time buyers, as well. mortgage loan Options for First-time Buyers. First-time homebuyers may want to consider choosing a loan program specifically designed to help get you into a home with a smaller down payment.