If you who have a lower credit score and/or limited available funds to make a down payment, an FHA loan may be a great option for you.
Fixed Rate: Your rate is fixed for the entire length of the loan.
• 30-year fixed
• 15-year fixed
Adjustable Rate: Your rate is fixed for a set number of years and then adjusts annually each year after the fixed period expires.
• 5-year fixed
WHAT ABOUT MORTGAGE INSURANCE?
Mortgage insurance is mandatory on all FHA loans and will remain in place for the entire life of the loan. Additionally, an “Upfront Mortgage Insurance Funding Fee” of 1.75% of the loan amount is required. This funding fee can be financed into the loan.
YOUR DOWN PAYMENT OPTIONS:
The minimum down payment is 3.5% of the sales price, but there are several down payment assistance programs available to homeowners in and around Charlotte and the rest of North Carolina.