Flexibility To Meet Your Needs

Are you a first-time home buyer? Not sure you can afford to put down 20%? An FHA (government-insured Federal Housing Administration) loan might be the right home loan solution for you. FHA loans have been helping people buy homes since 1934.

The Facts About an FHA Loan

FHA home loan programs typically help first-time home buyers, seniors or others with limits on what they can afford.

FHA home loans offer:

  • Low 3.5% down payment
  • Flexible income and credit requirements
  • Low closing costs

What Types of FHA Fixed-Rate Loans are Available?

There are two types of fixed FHA mortgage rates:

  • 15-year fixed rate FHA
  • 30-year fixed rate FHA

Both home loan options offer the same interest rate security. The 15-year fixed rate home loan is a good option for people who are looking to pay off their home loan faster, perhaps before their kids go off to college, and can afford a higher monthly payment. And, paying off your loan more quickly gives you the flexibility to move sooner. With a higher monthly payment, you build up equity faster, which gives you more money from the sale of your house to make a bigger down payment on a future purchase.

FHA Adjustable-Rate Mortgages

An FHA with an adjustable-rate has a variable interest rate that may change throughout the life of the loan but usually comes with an attractive and low initial rate for the first three to five years. An FHA ARM might be the right choice for you if you are planning to sell the home and move within five years.

Contact a Mutual of Omaha Mortgage home loan expert today to determine which home loan option best meets your financial goals.

Not sure what type of loan is right for you?
Contact a Mutual of Omaha Mortgage home loan expert.

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