An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans have been helping people buy homes, whether the first or the fourth, since 1934.
Benefits of an FHA Home Loan
FHA home loan programs typically help first-time homebuyers, seniors or others with limits on what they can afford. FHA home loans offer:
- Low interest rate
- Flexible credit requirements
- Low down payment
- Purchase and Refinance transactions
- Owner Occupied residence only
Minimum Down Payment
FHA loans allow the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA loans popular with first-time buyers.
Loan Limits of a FHA Financing
The maximum FHA loan limits for Kansas and Missouri for 2019 is:
- $336,950 for a one-family property
- $431,350 for a two-family property
- $521,400 for a three-family property
- $648,000 for a four-family property
We offer several FHA Home Loan options.
FHA Fixed Rate Home Loans
Metropolitan Mortgage offers FHA loans as 30-year and 15-year fixed rate options. Both options offer the same interest rate stability, but the shorter the term the higher the monthly payments, giving you a faster way to build up home equity. You can use this higher equity as a down payment when you move to your next home.
FHA Adjustable-Rate Mortgages
An FHA adjustable rate mortgage (ARM) lets homeowners pay a low introductory interest rate for the first few years. These type of loans are best for shorter terms of ownership.
Have Questions? Contact Us online or call 913.642.8300.
**Metropolitan Mortgage Corporation is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.