An FHA Mortgage could put you one step closer to owning a home
The Federal Housing Administration (FHA) offers government-insured1
mortgages. Because of that insurance, lenders can offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. You can apply for an affordable mortgage that includes:
1 FHA mortgage insurance protects the lender if the borrower defaults on the FHA loan. Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender should the borrower default and the lender must foreclose upon the loan/sustain a loss. This insurance enables the lender to provide loan options and benefits often not available through conventional financing.
- 30- or 15-year terms with a fixed rate.2
- Lower down payment requirements and closing costs.
- The opportunity to borrow cash for repairs. (Terms and conditions apply. Speak with a Farmington Bank Loan Specialist.)
2 Example: For a $305,250 Fixed-rate mortgage for a term of 30 years with a 3.951%APR (Annual Percentage Rate) and 0 points paid, the monthly payment will be $1,526.65 payment includes principal, interest and FHA mortgage insurance, does not include PMI, taxes or other applicable escrows. Actual payment obligation will be greater). This Annual Percentage Rate (APR) listed as an example only and does not represent a guaranteed rate. Check our rate page for current rates. All loans are subject to the credit approval process.3 A prequalification/estimate are guidelines; the estimate is not an application for credit and results do not guarantee loan approval or denial.