FHA lenders will pay up to 5% interest on a loan for homebuyers with FHA loan-to-value ratios of less than 20%, and will pay interest on loan-for-sale mortgages up to 4.5% of value.
They may also charge interest rates of up to 1.5%.
If you’re buying your first home and have a debt-to_value ratio less than 3%, you’re eligible for the 5% FHA mortgage interest rate and 5% loan interest rate, respectively.
The FHA offers a homebuyer’s loan-back program that is more than $500,000 for new or refinance loans, and is offered through the federal FHA and the state FHA.
For a loan, you can get a loan in five stages.
Stage 1 is a standard loan with a $5,000 down payment and $500 down payment, with no down payment.
Stage 2 is a 30-year fixed-rate mortgage with a 30% down payment of at least $200,000.
In Stage 3, you have to pay at least 10% of the loan amount on a monthly basis to qualify for the loan-out.
Stage 4 is a 60-year variable-rate home loan with no monthly payments or payment limits.
You’ll also be required to pay 10% on a 10% downpayment to qualify.
If your down payment is under $50,000, you’re ineligible for the FHFA loan-in-lieu of a lower-down payment.