FHA Mortgage Loans
Low Down Payments With garrett Mortgage
An FHA loan is a mortgage insured by the Federal Housing Administration, an agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance and require a lower down-payment. The less rigorous lending requirements make FHA loans popular with mortgage borrowers.
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*APR=Annual Percentage Rate. 30-Year Fixed 6.375% (6.554% APR) - up to 60% LTV. The interest rate is current as of October 23, 2024. Offer applies to borrowers with a credit score of 740 or better depending on credit qualifications. The payment on a $200,000, 30-year Fixed-Rate Loan at 6.375% (6.554% APR) is $1248. Property insurance and, if applicable, flood insurance is required. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some restrictions may apply. This rate is applicable for owner-occupied purchase or refinance (no cash out) of a single family dwelling. The stated rate may change or not be available at the time of loan commitment or lock-in.