FHA Home Loan Rates & Calculator | FHA Mortgage Loan Pre Qualification - Rates Are Hot

FHA Purchase A Home


Most people don’t know that FHA home mortgage rates are at times better than FNMA mortgage Conventional rates. FHA mortgages are there to help people that have had tough times and for people that have had less than perfect credit. FHA mortgage guidelines state that you must atleast have clean credit within the past 2 years however, any bad credit you might have had prior to that will not be used against you. Also, there are times when you are applying for an FHA mortgage that the mortgage lender will allow you to use other types of credit in other words credit that would normally not show up on your credit report or credit that would not have been reported to the credit bureaus such as: car insurance, day care, cable, internet, home phone bills, cell phone bills, etc..

FHA mortgage interest rates are a definite wonderful alternative to the regular FNMA and Freddie Mac Conventional Mortgage loans.  If you need that option and have had some dings on your credit report in the past. FHA also has loan limits per state and county. Be sure to check your loan limits before applying for a FHA loan.

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Your Credit
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Most people believe that FHA is for first time homebuyers. Although this is a great program for first time homebuyers nothing could be further from the truth. If you have participated in home ownership and already have an existing mortgage you are free to refinance that debt back into either an FHA Refinance loan or a FNMA Conventional loan and your existing loan that you want to refinance does not have to be an FHA loan. Here's another tip: If you have not had a mortgage in 3 consecutive years you would be considered a first time homebuyer and there are definate perks to that, check out our blog for more information at ratesarehot.wordpress.com.

How is your credit? Please keep in mind that RatesAreHot.com does not pull credit. Just estimate how you feel you have been paying your bills in the last 24 months. Try to be exact as you can here after all, our lenders will be acquiring a mortgage rate quote for you based on your credit. Here are some general rules to follow:

Excellent Credit - If all of your bills are due on the 1st of the month and you pay all of your bills on the 1st of the month you have Excellent Credit.

Good Credit - If your bills are due on the 1st of the month and you pay them by the end of the month you should have Good Credit as long as you pay them all within 30 days after they are due. If you let one linger here and there you should still have Good Credit.

Fair Credit - Let's say you have 10 bills and 6 of them you pay on time every month and the other 4 you pay 30 plus days after the due date. You would be considered to have Fair Credit. It shows that you are trying. There would be some issues that would need to be explained to the underwriter. However, you can consider this Fair Credit. If you feel that you have Fair Credit continue on and also complete our FHA Purchase and FHA Refinance sections of our website too.

Poor Credit - This would be the situation for you if you have consistently paid your bills late every month. If your bills are due on the 1st and you consistently pay them more than 30 days after the due date you would be considered to have Poor Credit. If this is the case for you and if you need help please move on to the FHA Purchase and FHA Refinance sections of our website and complete those sections. RatesAreHot.com has several lenders that can help you. These lenders will be offering a mortgage rate quote to you based on a poor credit scenario if you feel that you have poor credit. Don't worry our lenders can help you if you have poor credit. There are ways right now that our lenders can either counsel you through your situation and get you back on the road to health and wealth. With a little help you can eventually get into your dream home. Also, please feel free to click on our live help button and our experienced staff will help you. Also, If you are a first time homebuyer please continue on to the FHA application and complete that one too.

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Your Desired Property

What is the Market Value or Fair Market Value of your Home ?

If you look to the right side of this page you will see a box please enter your

address and when your results come up please enter the middle range in the box provided.

FHA is much more lenient than FNMA therefore they only require approximately 3% down.  For example, if you are purchasing a home and you signed a contract to buy the house for $200,000 your required down payment for an FHA home loan mortgage would be $6,000  ($200,000 x 3% down = $6,000.  This does not include closing costs.  This is only your required down payment.  FHA also allows the seller to help out with this downpayment.  Talk to  your realestate agent and have them negotiate help with your down payment.  You will be surprised to know that most times the seller is willing to help you out to get their house sold.