FHA Current APR Rate has gone down to 6.125% - and the current FHA APR 6.460%. This is awesome news for those seeking a home loan from FHA.
FHA mortgage program Section 203b is the most frequently used. You may use this FHA home loan program to purchase one-to-four family homes, including manufactured homes, in both urban and rural areas. A FHA fixed mortgage loan Section 203b may be repaid in monthly mortgage payments from 10 to 30 years. The usual down payment is three percent if you're receiving any help from the seller. (Otherwise, it will only be 2.25%)
FHA Loans Section 234c provides MIP for buyers who wish to buy a unit in a condo project. The condo may consist of more than one building, such as a group of row apartments, high-rise buildings, townhomes, or any combination of these structures. Any condo project must be approved by HUD. Lenders may also perform spot approvals on a new project.
Current FHA APR will continue to drop if the market worsens. Stay Tuned for Updates!