Loan Section 203(b)
Loan Section 203(b) is the most popular FHA program. You may use
this program to purchase new or existing 1-4 family homes, condos
or townhomes, in both urban and rural areas. A section 203(b) fixed
mortgage may be repaid in monthly payments over 15 or 30 years.
rates on FHA loans are generally slightly higher than market
rates, while down payment requirements are lower than conventional
loans. Down payments can be as low as 3.5 percent. In many cases,
closing costs can be wrapped into the mortgage.
who has a satisfactory credit record, enough cash to close the loan,
and sufficient income to make monthly mortgage payments can be approved
for a section 203(b) mortgage. You do not need to be a first time
home buyer to qualify for an FHA 203(b) mortgage. To get a section
203(b) loan, you may apply
on-line, or call one of our representatives at 800-783-8400.
a section 203(b) mortgage, you can make extra payments toward the
principal when you make your regularly monthly payment. By making
extra payments, you can repay the loan faster and save on interest.
You can also pay off the entire balance of your FHA-insured mortgage
at any time, with no penalty to you.
loans cannot exceed the maximum loan limit
for each county.