Is an FHA Loan The Right Choice For Your St Louis Mortgage?

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FHA-FamilyIf you live in St. Louis, or you want to, an FHA Loan is one of the best mortgages available. It’s the perfect time to get in on the Federal Housing Authority Loan, because the government has dropped their PMI (Private Mortgage Insurance) rate from 1.35% to .85%. This change has saved people who have refinanced their mortgages to the lower rate THOUSANDS of dollars. Combine that with the low interest rates we are seeing, and NOW is the time to refinance or buy a new home.

FHA Loans are a great federal program. It’s a way for borrowers to get into a home if they don’t have a large down payment, because it only requires a 3.5% down payment. The program was designed during the Great Depression to give banks insurance against failure and help homeowners move into or keep their current homes. PMI is essentially the insurance on the loan, a guarantee that if the loan can’t be repaid, the lender isn’t out all of that money. This opens them up to offer more loans.

FHA interest rates are also lower than traditional loans. It’s the same rate depending on credit score or amount or percent. A majority of loan companies can’t actually write FHA Loans in-house, unlike The Home Loan Expert, Ryan Kelley. While the FHA market was depressed, many other companies dropped their FHA qualifications to save money. Ryan Kelley stayed as a Direct Endorsed FHA Lender, meaning that he can actually underwrite FHA Loans.

If your interest rate is not in the 3’s, you need to call us today. Take advantage of the low rates and lowered PMI rate to get into an FHA loan today. Our St. Louis office is ready to get you started at (314) 781-9700 or you can apply online at right now. Nobody makes it easier to get an FHA loan than The Home Loan Expert, Ryan Kelley.