Kelowna Mortgages, Kelowna Mortgage Broker, BC Direct Mortgages, direct mortgage lenders.#Direct #mortgage #lenders

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We had the privilege of working with Ed, Shannon and Chris on our first mortgage, and our first renewal. There were various considerations that made both deals more complex than your run-of-the-mill mortgages (4 names on title, two homes, two mortgages, etc). The service was fantastic; they provided advice that could be easily understood and acted upon, and we got a great rate on every mortgage. We’ll certainly be working with them again on our next renewal!

I have known Ed at the Mortgage Center for several years and have greatly appreciated his “above and beyond” approach. He is by far a master at navigating the mortgage world and at finding the best rates and options available. His moral and ethical business practises are evident as he always puts the client’s best interests first. His high level of service and ability to deliver are 2 reasons that I recommend him highly and believe he will not disappoint.

Ed, Shannon and Chris are an exceptional team that guided us through the process of getting the best rates and the best mortgage step by step. They were very friendly, knowledgeable, prompt, and were never more than a phone call away. I would highly recommend these guys to anyone! Thanks guys!

Ed, Shannon and Chris have well-served many of my client’s mortgage needs. I appreciate most the time they take to explain the products they recommend. I, like many others, value and expect first-class treatment around my financial concerns, even more so for the client’s I introduce to The Mortgage Centre. Why don’t we expect that of our banks anymore? This level of service and trust is not the norm these days. You will be hard-pressed to find a better team to help you.

Ed and Shannon were both amazing through the entire process. This was our first home so we didn’t understand a lot of what was going on but they were always available at any time of day to answer our questions. We really felt like they had our best interest at heart and were treating our mortgage as if it were their own. We are so grateful for all their help and guidance and would recommend them to anyone, first time buyers or not. Thanks again Ed and Shannon!

I am very happy with the service that Ed Kolisnyk and his family has provided. They are friendly, knowledgeable, and prompt. They understand the system and are able to navigate the requirements and timelines to facilitate great rates on mortgages from all the different lenders. They work hard to get the best possible rate at zero cost to me! I will absolutely call Ed Kolisnyk when it is time for my mortgage term renewal.

Chris helped me every step of the way during the purchase of my first home. I had many questions about the entire process, he spent the time to walk me through anything I didn’t fully understand. Even when I was in Vancouver to purchase my condo, Chris made sure all the documents were available and that I was able to reach him whenever I needed. Thanks again Chris, and thanks for helping me get such a great rate!

I first met Ed, Shannon and Chris while I was President of an Investment Dealership. In that role I worked with a number of high-caliber investment and mortgage professionals, this team of 3 is second to none. Their level of professionalism and drive to exceed their client’s expectations is both outstanding and encouraging. I can, with confidence, highly recommend Ed, Shannon and Chris.

We have been working with BC Direct Mortgages for over 10 years. We have really enjoyed our mortgage product our low rate and I absolutely love not going into a bank to negotiate a better rate. Ed and Shannon looked after everything for us including shopping around for the best rate, referring an affordable home appraisal expert and making closing costs as low as possible. We are very happy about our new arrangements and we will be thinking of you two working hard while we are lounging in our new pool.

How to Refinance Your Home by, refinance home mortgage.#Refinance #home #mortgage

How to refinance your mortgage

Thinking about refinancing? Great! has everything you need to help you get your refinance underway. We will help you to know whether refinancing is right for your situation, show you how to compare and minimize refinancing.

Thinking about refinancing? Great! has everything you need to help you get your refinance underway. We will help you to know whether refinancing is right for your situation, show you how to compare and minimize refinancing costs, teach you different strategies to achieve your goals and even help you locate lenders to handle your new mortgage. Using our articles, tools and calculators, you’ll feel confident that you are getting the best possible deal for your circumstance.

5 stages of a refinance

Should I refinance?

Step 1: Should I refinance?

Should I refinance, or does a refinance make sense for me are likely the first questions you will ask yourself when considering a refinance. But they re just the first. You ll also be asking yourself:

  • Will my refinance save me money?
  • Do I have to refinance with my current lender?
  • What if I can t refinance?

To the answers to these questions and more, be sure to read “Does a mortgage refinance make sense?”

How to refinance

Step 2: How to refinance

Now that you have decided to refinance your mortgage, you need to know how. The refinance process can be divided into three phases:

No. 1: Preparing your refinance documentation

No. 2: Defining the purpose of your refinance

No. 3: Shopping around for the best deal

What does a refinance cost?

Step 3: What does a refinance cost?

There s no such thing as a free refinance. Just as with a purchase mortgage, you will have to pay closing costs when refinancing your home loan. Keep in mind, of course, that the more it costs you to refinance, the longer it will take to recoup the closing costs, so there may be some finite limits on what you want to pay.

There are three ways to pay refinancing fees and costs:

  1. Pay them in cash
  2. Pay them out of pocket
  3. Add them onto your existing mortgage balance (known as a low cash-out refinance) or have your lender pay them in exchange for a slightly higher interest rate

New Jersey Mortgage Loans, First Lenders Mortgage, direct mortgage lenders.#Direct #mortgage #lenders

First Lenders Mortgage

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    New Jersey Mortgage Rates

    We are the premier source of financing for New Jersey Mortgage Loans. We educate our clients about every option available so they have the power to make informed decisions about what’s right for them. If your looking for New Jersey Mortgage financing then look no further than First Lenders Mortgage of New Jersey!

    NJ FHA

    Our New Jersey FHA mortgage loans allow for purchasing a home with little down and secure fixed rates. Refinance with an FHA loan. No cost refinancing with NO CREDIT SCORE qualifying.

    NJ Jumbo

    We offer Jumbo mortgage Loans for your purchase or refinancing needs up to $10 Million with rates among the lowest in the country. Loans are considered jumbo loans when they exceed $424,100.

    NJ COnforming

    Our New Jersey conforming loans allow for low fixed rate purchase and refinance mortgage loans. NJ loans are loans under $424,100 with full documentation.

    Direct mortgage lenders

    documentation List

    Lending guidelines sure have gotten tougher over the past year. Lenders are requiring more and more documentation than ever before! As a result, we at First Lenders Mortgage thought it would be a good idea to provide an “UPDATED” list of what is required by banks when applying for a mortgage! You most likely DID NOT have to provide some of these the last time you applied for a loan. These are Fannie Mae and Freddie Mac guidelines and apply to all lenders!

  • Cheapest Interest Rate Home Loans Online Mortgage Quotes, mortgage quotes.#Mortgage #quotes

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    expert home lenders

    Mortgage quotesMortgage quotesMortgage quotesMortgage quotesMortgage quotes

    Mortgage quotes

    We Specialize in low rate lending across the united states. Lowest Interest rates online!

    To begin the process please fill out the form to the right.

    Mortgage quotes

    About Five Star Mortgages

    Mortgage quotes Are you ready to start scouring the market and searching for your dream home? Or, perhaps you are going to have your dream home built so it will have all of the features you have always wanted. Regardless of your situation, finding your dream home is half the battle. After all, once you have found the perfect place to buy, you need to determine how you are going to pay for that beautiful home!

    With the help of FiveStarHomeMortgage which is conveniently located in New Jersey, the process of finding the right lender is made much simpler! Our professionals in our new jersey offices specialize in helping people just like you find the right type of mortgage loan to suit their needs. In addition, our goal is always to find the right program and the right lender to help you save money on your home purchase.

    Mortgage Guide

    With ARM loans, the amount of interest you pay will change according to the prime rate. This means your monthly payment will increase or decrease when the prime rate changes. The fixed interest loans, on the other hand, interest rate on these loans stays the same throughout the lifetime of the loan, which generally lasts anywhere from 15 to 30 years. The interest rate you receive is determined by your credit score as well as other factors taken into consideration at the time of the loan.

    Bailout loans help you avoid foreclosure if you haven’t been able to pay your mortgage for 120 days, you can talk to your agency more about these type of issues. If you are building your home, on the other hand, a construction mortgage will allow you to access portions of your loan throughout the building process so you can keep your contractors paid. Rehab mortgages, on the other hand, are loans that are used to help purchase a “fixer upper” and also provide money to help with making the necessary repairs.

    Mortgage quotes FHA and VA loans help veterans, people with disabilities, and people with low incomes acquire a home with mortgage terms they can afford. You can also save money in the beginning with interest only loans. With these loans, your monthly payment is applied only toward the interest. If you send more money, it is applied toward the principle and helps increase your equity. Rates on these loans are adjustable, which means your monthly payment can increase or decrease throughout the lifetime of the loan. The same is true with low down payment loans. These loans allow you to purchase a home even if you do not have the standard 20% down payment. Lenders will require PMI, which is an additional expense added to your monthly payment, when approving one of these loans.

    If you have your own business, you might want a self-employment loan. These loans are used by people that are self-employed and may have difficulty with proving a steady income. No doc loans are also good for business owners as well as others with special circumstances. These loans require little documentation, which means you do not have to prove your income or the amount of debt you are currently carrying. Rates on these loans tend to be higher than standard mortgage loans.

    If you are purchasing a home that is quite expensive, you might get a jumbo loan. These loans are given to homebuyers that are purchasing homes that are over $417,000. Similarly, if you need to get your hands on some more money, you might choose to refinance or to get an equity loan. These loans are used to access equity built in the home or to refinance the home in order to take advantage of better terms.

    Whether you own a business, have perfect/excellent, good, fair, or poor credit or are looking to fix up a home that is need of repair, FiveStarHomeMortgage can help you find the loan that best suits your needs. Our professionals will work closely with you in order to find the type of loan and the lender that helps you get the loan you need so you can finally purchase the home of your dreams. Contact us today to learn more about how we can help!

    Copyright 2009-2010 Five Star. All Rights Reserved.

    VA Loan Rates: Current VA Mortgage Rates Updated Daily, loan mortgage rates.#Loan #mortgage #rates

    Current VA Loan Rates

    Last updated Tuesday, November 14th, 2017 at 12:45 PM CST

    VA 30 Year Fixed: 3.75%*

    VA 15 Year Fixed: 3.625%

    These VA Mortgage rates are based on an informal survey of our participating VA lenders for the date published. Please read below for more important information about current VA mortgage rates. To get pre-qualified for a VA Home Loan and lock in your VA interest rate, please call or fill out the simple form to the right and a specialist with a participating VA approved lender will assist you. *APR will vary by lender based on lender s specific closing costs

    As a VA Mortgage resource website, we know one of the most commonly searched for items is “what is the VA interest rate.” So why is it so hard to get a straight answer about current VA interest rates. We’re here to give you some answers, and to give you some current VA mortgage rates from actual VA lenders (above).

    VA Mortgage Rates

    VA interest rates are not set by the Department of Veterans Affairs (the VA) but by each VA approved lender individually. There are numerous factors that impact what your specific VA Home Loan interest rate will be, so it’s almost impossible to get an accurate rate from a website advertisement or online quote. Also, VA Mortgage rates are like most interest rates and they fluctuate with the financial markets. So until you are locked in the interest rates can change with the financial markets on short notice, sometimes the same day.

    Finally, you need to be aware of what rate they are actually quoting you. Are you receiving a rate for VA ARM (adjustable rate mortgage) or a 30 year fixed rate? Are you getting a quote for a VA loan at all, or are they quoting you a higher cost loan program that appears to have a lower rate. It’s to your benefit to work with a VA Specialist at a participating VA lender. Someone who knows the VA guidelines and can quote you a real rate based on your individual profile and make sure you are getting the best deal in utilizing your VA benefits.

    To speak with a VA Specialist, please call or fill out the simple form to the right and a VA Specialist with a participating VA lender will assist you.

    How To Compare Mortgage Loans Among Different Lenders? Compare Rates And Costs, compare mortgage loans.#Compare

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    Compare mortgage loans

    How to Compare Loans Among Different Lenders?

    Points are an up-front fee paid to the lender at closing. Each point equals one percent of the loan amount. Points are charged, or paid, to lower or increase the rate on the loan. Most lenders will allow you to choose amongst a variety of rate and point combinations for the same loan product. Therefore, when comparing rates of different lenders, make sure you compare also the associated points.

    Closing costs typically consist of loan related fees, title and escrow charges, government recording and transfer charges and can add thousands of dollars to the cost of your loan. When comparing lenders it is important to compare loan related fees (i.e. the fees which lenders charge to process, approve and make the mortgage loan), since the other fees are typically independent of the lender.

    Secondly, when comparing loans of different lenders you need to thoroughly investigate and compare all loan features: maximum LTV, mortgage insurance payments (if any), credit and cash reserve requirements, qualifying ratios, etc. Pay special attention to the presence of prepayment penalties and the availability and terms of conversion options (such as rate reduction option, or option to convert an ARM to a fixed-rate mortgage).

    Thirdly, for each loan you are comparing find out the lock-in period, during which the interest rate and points quoted to you will be guaranteed. Lock-ins of 30, 45 and 60 days are common. Some lenders may offer a lock-in for only a short period of time (15 days, for example). Usually, the longer the lock-in period, the higher the price of loan. The lock-in period should be long enough to allow for settlement before lock-in expires.

    Finally, make sure that you are comparing the interest rates on the same day. Rates change daily, if not a couple of times a day.

    So, what is the best way to compare loans among different lenders?

    First of all when you compare different lenders you should compare loan products of the same type (e.g. 30-year fixed). It does not make sense to compare different types of loan programs (e.g. 30-year fixed vs. 15-year fixed, or fixed vs. adjustable).

    To compare loan products of the same type among different lenders:

    1. Fix all lenders at one interest rate and lock-in period.

    You have to compare different lenders on the same rate (e.g. 6.5%) and lock-in period, otherwise you will be comparing apples and oranges.

    Most lenders can offer you a variety of rate and point combinations for the same loan product and allow you to choose the lock-in period.

    2. Add up the total lender fees for that rate including points and loan related fees.

    There are a number of different fees paid in connection with loan, and some lenders have different names for them. One lender might offer to waive one fee and then add another one. So when comparing loans of different lenders you should look at the total sum of ALL loan related fees.

    These fees can include processing and underwriting fee, mortgage insurance premium, appraisal fee, the cost of a credit report, tax service fee, application, commitment, wire transfer fee, etc. Points can include discount and origination points and have to be converted into dollar amounts.

    3. The lender that has lower lender fees has a cheaper loan than the lender with higher fees.

    For a loan amount of 200,000 on a 30 year fixed rate mortgage:

    Lender A is offering you a rate of 6.375% with 0 points, 6.25% with 0.5 points, and 6.125% with 1 points. He also charges $450 in loan related fees.

    Lender B offers you 6.25% on the same loan with 0.375 points, 6.125% with 0.875 points, and 6.000% with 1.375 points and charges $680 in loan related fees.

    Both lenders are quoting rates on a 45 day lock. Which lender has the better deal?

    Current Mortgage Rates Today – View The Best Mortgage Rates, low mortgage rates.#Low #mortgage #rates

    Current Mortgage Rates Today

    Current Mortgage Rates – Mortgage Rates Today

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    Mortgage 101: A Mortgage Resource Guide

    This guide will help first-time home buyers and seasoned veterans get the information they need to make the correct financial decision regarding their mortgage. Our goal is to provide information and resources for everything you need to know about the mortgage process. Whether you are shopping for your first home or you are already established in a existing home, this page can be your guide. Take the necessary steps to make purchasing your first home or maintaining your existing home a seamless [Read More. ]

    Latest Mortgage Information

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    Top 10 Loan Modification Lenders

    Many Americans have been affected by the recent economic crisis. Millions of homes have gone into foreclosure, and millions of families have lost their homes. If you are at risk for losing your home, the good [Read More. ]

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    The Top 10 Tips to Help Homebuyers Thrive in Today s Current Home Market

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    Invest Smarter by Understanding the Top 6 Most Common Mortgage Myths

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    5 Important Reasons Why You Should Pay Off Your Mortgage Sooner Than Later

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    How to Tell if Current Mortgage Interest Rates Will Continue to Rise

    Up until not long ago mortgage rates used to be very low, close to the lowest they have ever been. Rates have decreased to near record lows due to the recent housing market crash, which affected both homeowners and mortgage lenders. While millions of people have lost their [Read More. ]

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    Could a 10 Year Mortgage Rate Be Your Best Mortgage Option?

    One of the key aspects of finding a good mortgage loan is determining what type of mortgage term works out best for you. Long-term mortgage loans seem more attractive at first glance because the monthly payment is much smaller, but if you factor in the larger interest rate, [Read More. ]

    Low mortgage rates

    How the Current Government Shutdown is Affecting FHA Mortgages

    The housing market has been recovering steadily lately, but the current government shutdown may interfere with that progress. For the first time in 17 years, the government has partially shut down. Besides other important implications, this shutdown could affect people who [Read More. ]

    Low mortgage rates

    Bad Credit Home Loans Are They Possible With Today s Stiffer Regulations?

    There are many reasons for having a bad credit score, and you might be wondering if you are still able to buy a home, despite your shortcomings. The truth is that there are no rules set in stone when it comes to bad credit home loans. Some lenders may be more lenient than [Read More. ]

    Low mortgage rates

    What is this Difference Between a Home Equity Line of Credit vs Home Equity Loan

    When buying a home with a mortgage loan, both you and your lender own parts of the home. The part of the home that you own is represented by the equity which builds up each time you make a payment. Having equity in your home allows you to take out a house equity loan by [Read More. ]

    Low mortgage rates

    What Are the Typical Home Equity Loan Requirements

    Home equity loans are designed to help homeowners gain quick access to some much needed cash by tapping into the equity in their homes. Home equity loans provide an alternative to taking out other types of loans or opening new credit card accounts. While other forms of [Read More. ]

    Low mortgage rates

    Pros and Cons of Home Equity Loans

    Home equity loans allow homeowners to take out a loan using the equity accumulated in their home as collateral. Home equity loans give you quick access to money that can be used for a home remodeling project, medical bills or college tuition. A home equity loan can be more [Read More. ]

    Low mortgage rates

    Is it Possible to get a Home Equity Loan With Bad Credit?

    Getting a home equity loan with poor credit is more difficult, but not impossible. Before you decide to make improvements to your home or decide that you need some quick cash, you need to find out if a lender is willing to give you a home improvement loan and how your loan [Read More. ]

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    FHA Mortgage, fha mortgages.#Fha #mortgages

    fha mortgages

    FHA mortgages have always been the alternative to risky subprime mortgages. The underwriting guidelines for FHA mortgages are very flexible and as a result when your personal loan officer takes your applications and tries to approve it they will receive a response from their underwriting system on if you are Approved, Approved with Conditions, or Not approved.

    Also no matter what your score you can get the same rate as someone with excellent credit who also applies for an FHA loan which means no matter what your credit grade you will be saving money.

    Being approved with conditions can be as simple as making one of your credit cards current, or maybe a line of credit is still reporting after being closed. There can be a multitude of reasons and the situation is different for everyone. This is essentially your path to homeownership. Your loan officer will inform you on the conditions and it is up to you to meet them.

    FHA has released guidelines on credit scores – with a 580 score considered to the be the minimum for approval without conditions. You can still get approved for a mortgage below 580 down to a 500 score but you would need to put a much greater downpayment and possibly resolve any issues around federal debt such as student loans that need to be made current before you can enjoy any FHA financing.

    It is also important to note that many banks often have their own specific guidelines for FHA products. We try to match you with the best lenders that can help you.

    In the lending industry anything below 640 is considered adverse or bad credit. Since we work with FHA loan officers which have access to these products that lend below 640 we are showing you a path to homeownership even if you have bad credit. There are limits on how bad your credit can be – for anyone below a 500 score there are no options until you can improve your credit.

    For more information on how you best get a mortgage with bad credit ask your personal FHA loan officer about your path to homeownership.

    Get started Now

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    FHA Loans – 7 Crucial Facts About FHA Loans, fha mortgages.#Fha #mortgages

    7 crucial facts about FHA loans

    Fha mortgages

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    What is an FHA loan?

    Less rigorous lending standards and lower down-payment requirements make FHA loans popular with mortgage borrowers.

    An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

    Why people get FHA loans

    Because of that insurance, lenders can — and do — offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. The FHA is an agency within the U.S. Department of Housing and Urban Development.

    Here are seven facts that borrowers should know about FHA loans.

    Fha mortgages

    Less-than-perfect credit is OK

    Minimum credit scores for FHA loans depend on the type of loan the borrower needs. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher.

    Those with credit scores between 500 and 579 must make down payments of at least 10 percent.

    Know your credit score before you borrow. Check it today for free at myBankrate.

    People with credit scores under 500 generally are ineligible for FHA loans. The FHA will make allowances under certain circumstances for applicants who have what it calls “nontraditional credit history or insufficient credit” if they meet requirements. Ask your FHA lender or an FHA loan specialist if you qualify.

    Fha mortgages

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    Minimum down payment is 3.5 percent

    For most borrowers, the FHA requires a down payment of just 3.5 percent of the purchase price of the home. That’s a “huge attraction,” says Dennis Geist, senior adviser at Treliant Risk Advisors and formerly a vice president of government programs for another lender. In late 2014, Fannie Mae and Freddie Mac reduced minimum down payments to 3 percent from 10 percent, but such loans have limited availability.

    FHA borrowers can use their own savings to make the down payment. But other allowed sources of cash include a gift from a family member or a grant from a state or local government down-payment assistance program.

    Ready for a mortgage with a low down payment? Search now for an FHA loan.

    Fha mortgages

    Closing costs may be covered

    The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs, such as an appraisal, credit report or title expenses. For example, a builder might offer to pay closing costs as an incentive for the borrower to buy a new home.

    Lenders typically charge a higher interest rate on the loan if they agree to pay closing costs. Borrowers can compare loan estimates from competing lenders to figure out which option makes the most sense.

    Fha mortgages

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    Lender must be FHA-approved

    Because the FHA is not a lender, but rather an insurer, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from the FHA). Not all FHA-approved lenders offer the same interest rate and costs — even on the same FHA loan.

    Costs, services and underwriting standards will vary among lenders or mortgage brokers, so it’s important for borrowers to shop around.

    Fha mortgages

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    Two-part mortgage insurance

    Two mortgage insurance premiums are required on all FHA loans: The upfront premium is 1.75 percent of the loan amount — $1,750 for a $100,000 loan. This upfront premium is paid when the borrower gets the loan. It can be financed as part of the loan amount.

    The second is called the annual premium, although it is paid monthly. It varies based on the length of the loan, the loan amount and the initial loan-to-value ratio, or LTV. The following premiums are for loans of $625,500 or less.

    Annual premiums for FHA loans

    • 30-year loan, down payment (or equity) of less than 5 percent: 0.85 percent
    • 30-year loan, down payment (or equity) of 5 percent or more: 0.80 percent
    • 15-year loan, down payment (or equity) of less than 10 percent: 0.70 percent
    • 15-year loan, down payment (or equity) of 10 percent or more: 0.45 percent

    Fha mortgages

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    You can borrow cash for repairs

    The FHA has a special loan product for borrowers who need extra cash to make repairs to their homes. The chief advantage of this type of loan, called a 203(k), is that the loan amount is not based on the current appraised value of the home, but on the projected value after the repairs are completed.

    A so-called “streamlined” 203(k) allows the borrower to finance up to $35,000 for nonstructural repairs, such as painting and replacing cabinets or fixtures.

    Fha mortgages

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    Financial hardship relief allowed

    Of course, FHA insurance isn’t supposed to be an easy out for borrowers who are unhappy about their mortgage payments.

    But loan servicers can offer some relief to borrowers who have an FHA-insured loan, have suffered a serious financial hardship or are struggling to make their payments. That relief might be in the form of a temporary period of forbearance, a loan modification that would lower the interest rate or extend the payback period or a deferral of part of the loan balance at no interest.