Low, fixed interest rate that holds throughout the amortization period of 30 years.
The rate does not appreciate irrespective of the market conditions, including recession.
A variable-rate pattern where you can refinance to a lower rate than the existing interest rate when market forces change for the better.
Ability to extend the term to a 30-year period under Streamline Refinance.
You have a credit score of at least 620. If you do not have a credit report, we can help to assemble one for you from the three national bureaus that keep credit records.
You aim to use the property, for which you are taking FHA mortgage MI, as your primary home.
You do not have any outstanding debt with the government or credit card companies.
The scheme features a minimal Funding Fee which helps the Housing Department (HUD) to guarantee the loan.
It also features an accessible down payment of 3.5%.
It gives the applicant the ability to co-sign with a spouse or an outsider who can shoulder payment in case of a breach.