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  • FHA loans in Philadelphia have many options to aid your decision-making when considering a mortgage. FHA loans will always insure your loan, decrease monthly payments and reduce closing costs. It is always important to check your FHA requirements first before proceeding with your decision. The challenging decisions about taking a loan is, being able to pay it back especially if you have concerns about your income and other bills. With FHA loans, you can be at ease because of the flexibility and convenience it offers by lowering your down payment to at least 3.5% of the purchase price. Just have in mind that to qualify for FHA you don’t necessarily have to keep a minimum income requirement, which is very comforting to know.

    Additionally, in January 2015, it was announced that annual FHA mortgage insurance premiums would be reduced, amounting to a saving as much as $900 per year according to a speech by President Barack Obama. The President was quoted by U.S. News and World Report as saying, “ I want to talk about helping more families afford their piece of the American dream, and that is owning their own home. Buying a home’s always been about more than owning a roof and four walls. It’s about investing in savings and building a family and planting roots in a community.” As clearly stated, FHA will also help you save money. FHA loans are the best option if you are considering a home especially in Philadelphia.

    Types of FHA To Choose in Philadelphia

    FHA fixed rate is a fixed interest on the loan. It is easier for you to plan what amount you will use toward your mortgage every month. FHA loans in Philadelphia are the route you need to take especially considering the lower payments and the possibility of saving money.

    FHA Adjustable Rate

    To lower your risks, consider getting FHA adjustable rate because it is highly regulated and gives you more room to understand what you will be getting yourself involved with financially. FHA adjustable rate in Philadelphia can help you afford your new home especially when the interests are very high on a mortgage.

    FHA Energy Efficient Mortgage

    This type of FHA loan helps homeowners save money on utility bills by getting loans to cover the cost. By adding energy saving features to new or existing housing as part of an FHA-insured home purchase or refinancing a mortgage.

    (FHA) Energy Efficient Mortgage (EEM) program makes it clear that lower utility costs can benefit a homeowner. Within this program, you will be able to add the cost of energy-efficient improvements to the loan amount.

    New FHA MIP Updates 2015

    According to the mortgage reports, for the first time since 2001, the FHA is reducing its mortgage insurance premiums for U.S. homeowners using the agency’s flagship mortgage programs. After January 2015, all new FHA loans will be granted an MIP reprieve. With today’s FHA mortgage rates at a 20-month best, it’s a perfect time to compare FHA loans. The chances of owning a home now sound more feasible than a few years back therefore you shouldn’t let the opportunity go. Take the chance and own that home finally. Put these figures in mind as you process the new FHA calculations that are effective as of January 2015,

    The complete MIP schedule for FHA loans sized $625,000 or less, as of, is as follows:

    • 15-year loan terms with loan-to-value over 90%: 0.70 percent annual MIP

    • 15-year loan terms with loan-to-value under 90%: 0.45 percent annual MIP

    • 30-year loan terms with loan-to-value over 95%: 0.85 percent annual MIP

    30-year loan terms with loan-to-value under 95%: 0.80 percent annual MIP

    FHA loans are the easiest way to make your investment in housing happen. One thing for sure is you will be able to afford your monthly mortgage by choosing from all the different types of FHA. At least one of the types of FHA will accommodate your daily budget, and that is what you need to be excited about. No investment comes easy, however, if you are aware that FHA has so many options to choose from, then your headache is lessened especially while looking for homes in the Philadelphia region.