FHA mortgage Massachusetts is the choice program for many existing and prospective homeowners in this historic state of New England. It has some of the most flexible terms of any home purchase schemes available today. Special mentions include the accessibility to the credit program at a low down payment of between 3 and 3 ½ percent. It promises to be a great choice for you if you have financial constraints or other credit shortcomings that prevent access to the expensive mainstream programs. FHA Home Loan Group (fhahomeloangroup.com)is ready to help with the qualification process and guide you on how to gain various payment privileges.
Special Payment Privileges
With FHA mortgage MA, you can pay early or late without attracting a charge as with conventional offers. Here are the benefits, in full:
- There is no pre-payment penalty if you remit your entire balance before the due period of 15 or 30 years. Usually, lenders charge conventional borrowers for paying before the interest matures but this does not apply in a guaranteed program like this one.
- There is also no post-payment penalty on FHA mortgage MA. This applies to borrowers who breach due to reasonable monetary constrains.
Payment Plans to Select
You can also go for the following repayment plans on FHA mortgage Massachusetts:
- 1. The 30-year period at a permanent interest rate. In this program, the rate does not change irrespective of market forces but remains low throughout the term.
- 2. The 15-year Adjustable Rate Mortgage (ARM) is suitable if you plan to refinance to a lower rate in the future.
The two terms are interchangeable in that you can later refinance to a 30-year period from a 15-year amortization scheme when you wish!
97% LTV Advantage
FHA mortgage MA is advantageous in the respect that you obtain nearly the exact amount that you have requested for. This is because Loan-to-Value (LTV) proportion is 97%. The missing 3% goes to the down payment. The comparative advantages include:
- You repay the money at a low interest rate that does not increase and may go down with an adjustable plan.
- You escape the blunt of paying a 20% down payment in conventional offers.
Who Qualifies For FHA mortgage Massachusetts?
- Will the property you intend to buy turn into your primary residence?
- Have you had a steady job and income for the past 24 months?
- Is your credit score at least 620?
However, you can still apply even if you have a score of 580. There are certified lenders who can accept this margin.
If you are seeking a home purchase program that enjoys the guaranty status of the government, then you need to go for FHA mortgage Massachusetts. This ensures that you can access special payment privileges including the ability to pay early without attracting a penalty.
This is why you need to start the process now. Call us today  202-4479