FHA Loan Kansas City
Kansas City FHA Home Loans are insured by the Federal Housing Administration (FHA). FHA loans are designed to help low to moderate income borrowers who are unable to make a large down payment. FHA loans have been helping Kansas City home buyers since 1934, whether the first loan or their fourth.
The benefits of choosing an FHA Loan
They typically helps first-time home buyers, seniors or others with credit limitations. The benefits are:
- Offer a low interest rate
- Flexible loans for a lower credit score
- Offers a low down payment home loans
- Purchase and Refinance home loans
- Owner Occupied residences only
The home loan qualifications for FHA financing:
The minimum down payment requirements
FHA loans allow the borrower to borrow up to 96.5% of the appraised value of the Kansas City home. The 3.5% down payment requirement can come from a gift or a grant, which makes them a popular home loan with Kansas City first-time home buyers.
The maximum loan limits
The maximum FHA mortgage amount:
- $351,900 loan amount for a one-family property
- $450,500 loan amount for a two-family property
- $544,550 loan amount for a three-family property
- $676,750 loan amount for a four-family property
The minimum credit score for a FHA
The minimum FICO score is 640, this is based upon the middle FICO score of the three credit bureaus (Experian, Trans Union and Equifax).
Types of fixed rates home loan available
Metropolitan Mortgage offers FHA loans as 30-year and 15-year fixed rate options. Both FHA loan terms offer the same interest rate stability. However, with the shorter FHA loan term comes higher 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.
Types of adjustable-rate mortgages available
An FHA adjustable rate mortgage (ARM) home loans lets homeowners in Kansas City pay a low introductory interest rate for the first few years. These type of FHA loans are best for shorter terms of ownership.
Contact Us for FHA Loans in Kansas City or 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.