FHA mortgage Kansas is among the most affordable home purchase programs in the state, and, indeed, the whole country. This is because it comes with flexible options that suit many low-to-moderate income applicants. Those in the low-income group usually have earnings that are equal to about 50% of the county’s median income or AMI. Those in the high-income bracket, on the other hand, usually have earnings of 115% of the AMI. When you with FHA Home Loan Group apply with our site, you will also gain the following range of special benefits:
These rare benefits of FHA mortgage KS include:
- Ability to co-opt with a fellow applicant even if the latter does not reside in the property under the loan.
- It also gives authority to the borrower to transfer the loan to a second buyer even in the middle of the plan.
You may also be glad to know that this product has only one major upfront, the down payment at 3.5%. The other charge is the Upfront Mortgage Insurance that is accessible at 1 percent.
Go For an Adjustable or Permanent-Rate Plan
Another privilege that we will afford you after you apply for FHA mortgage KS is the availability of two kinds of rates:
- The adjustable rate extends over a 15-year amortization period. This is where you can refinance to a lower margin when market conditions improve.
- The permanent rate of FHA mortgage Kansas, on the other hand, enables the applicant to settle for a fixed interest rate throughout the 30-year maturity duration. The advantage is that this plan is not subject to market volatility because the rate remains unchanged.
Though FHA mortgage Kansas does not have many requirements like a conventional program, it does, however, feature these few pre-qualification stipulations:
- You should provide details of a steady job record for the forgoing 24 months.
- You ought to hand over a credit report that has a FICO score of at least 620.
- The appraisal process should take place to ascertain the condition of the property before the take-over.
We can help you to meet the stipulation of the credit score by contacting the three national agencies offering credit reports.
How to Apply for FHA mortgage KS
Now is the right time to access the special benefits of this home loan, especially when the rates are low, at 4.2%.:
- 1. Submit your request for a home purchase plan.
- 2. Select a lending institution offering a competitive interest rate.
- 3. Get approval from the Housing Department (HUD) or the lender.
- 4. Settle closing fees.
You do not have to worry about the closing fees for we can hasten the process of payment by making the seller contribute at least 6% of these. Therefore, this is the best time for you to send in your request for FHA mortgage Kansas and we will be happy to process it on your behalf, and let you enjoy all the privileges.
Call us at any time for assistance!  202-4479