Are you ready to be a homeowner? If you are you're probably beginning to shop for a mortgage lender. After doing your preliminary research, you've probably discovered that there are two primary types of mortgage loans, conventional and FHA loans. Most conventional loans require a 20% down payment. This may be too steep for your purse. If so consider the advantages offered by an FHA loan which requires a 3.5% down payment, if you have a credit score of 580 or higher.
Changes were recently made to the qualifications for FHA loans in 2012. The minimum FICO score was set at 580 and it was determined that borrowers with a lower credit score would be required to put at least 10% down. While the FICO score requirement is 580 or higher, practically every lending institution has set their baseline much higher and require a minimum score of 620-680.
Sun Mortgage Funding offers mortgages for homes in Calcasieu LA. The borrower's FICO score should be 640 or higher to qualify. Rates are as low as 3.7% depending on your credit history. Eligible homes in Calcasieu Parish are valued at $271,050 for a single family home, $347,000 for a duplex, $419,425 for a tri-plex and $521,250 for a four-plex. These are the maximum values for homes for which borrowers can seek an FHA loan.
Essentially, if you are a borrower who has found a single family home in Calcasieu Parish, Louisiana, you must have a minimum FICO score of 640 and have a 3.5% down payment that is not money acquired through a loan; it can, however be from a gift. If your future home's final price is $271,050, your down payment would equal $9485. Closing costs would be approximately $7141. Your monthly payments for a 30 year fixed loan would be approximately $1203.71 per month.
If you can begin to see your family in a new home, it’s time to start the process. Speak with one of our mortgage consultants at Sun Mortgage Funding. Our consultants will help you select the right mortgage for your particular circumstances. Just like fixed mortgages are not appropriate for every homeowner, adjustable rate mortgages are not right for everyone. ARM's are not all alike either. So you may need an ARM with an interest rate cap for several years and with the varied products available the right ARM or ARM hybrid can be selected.
Home ownership is and always has been part of the American dream. We, at Sun Mortgage have the privilege of making home ownership possible for thousands of families annually by making our home loan available to buyers of different financial means. The dream of home ownership is offered to millions of potential buyers through the FHA mortgage loan and we are pleased to be one of FHA's many resources.