Minnesota FHA loans

FHA Loans in Minnesota

By insuring loans, the Federal Housing Authority (FHA) removes much of the risk of default or foreclosure from a private lender. It’s important to remember that the FHA is not a lender but insures the loans against borrower default.

Advantages

  • Lower interest rates
  • Lower down payment requirements
  • Lower mortgage points and other closing costs
  • Lower incomes eligible to apply
  • Quicker resales
  • Insured by the U.S. government
  • Bankruptcy is not an automatic disqualification

Key Points 

  • Down payment required
  • Upfront Mortgage Insurance Premium (MIP) cost is higher in comparison to Conventional loans, but monthly MIP is lower
  • Loan limits are lower than Conventional loans
  • Requires MIP regardless of the Loan-to-Value (LTV) 

 

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NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.
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