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Applying for a Mortgage after a Bankruptcy

By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.

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What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

Alternatives to Getting a 2nd Mortgage

There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more

How to Get Approved for an FHA Loan despite Bad Credit

FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more

FHA Loans

These loans are insured by government-backed companies and make it more affordable for first-time homebuyers and lower income families to get into the housing market.

Mortgage Loan Types

Select a loan type best suited to your needs.

Fixed Rate Mortgage - A loan with a constant interest rate that does not change throughout the duration of the loan.

Adjustable Rate Mortgage - A loan with a floating interest rate, determined by a set of indices.

FHA Loan - A loan guaranteed by the Federal Housing Authority.

VA Loan - A loan offered to American veterans by the U.S. Department of Veteran Affairs.

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Tight Lending Standards Have Erased 4 Million Potential Mortgage Loans

Because lending standards have been ratcheted down so tightly since the beginning of the Great Recession, there have been roughly 4 million “missed” mortgage loans between 2009 and 2013, according to a recent study. The Urban Institute, a policy research group, found that lending standards are tighter today than they were even before the housing boom. If lenders had moved back to their 2001 credit standards when the housing market crashed, there would have been a potential for an additional mortgage loans since then. Taz George, a research associate with the Urban Institute says that borrowers’ FICO credit scores have become the biggest determining factor for mortgage qualification. The study reported that in 2013, less than 40 percent of borrowers getting home-purchase loans had FICO scores below 720. (FICO scores run from 300 to 850.) Compare that with 2001 when lending standards will still much more cautious than during the housing bubble. In 2001 more than 50 percent of borrowers had scores below 720. “When you look at more moderate credit score borrowers, those with a FICO of between 660 and 720, that’s a score that in a year like 2001 we would consider eligible for a purchase mortgage, but today we see a 37 percent decline in the number of loans in that category,” George said. The paranoia in mortgage credit standards stems from all the soured home loans big banks were forced to buy back as well as legislation after the financial crash that threatened to make banks keep a portion of all mortgages made on their books. The risk has outweighed the benefits of lending for several years now. Americans are also in greater debt today than they were back in 2001. Student loans loom large for many potential first-time home buyers and credit card and auto debt have hit record highs lately. As financial regulations have been more clearly defined recently and government agencies are trying to lower certain fees for lenders, perhaps 2015 will see credit loosen enough to keep the mortgage market recovering. more

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