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The real issue with the adjustable rate mortgage on your FHA home is that it is impossible to predict when or how much the interest rate may change.

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October 16, 2018
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What is an Adjustable Rate FHA Mortgage?

FHA Common Question #22

When shopping for an FHA home, you will need to consider carefully whether you would like a fixed rate loan or an adjustable rate FHA mortgage. If you choose the adjustable rate loan for your FHA home, you'll need to do some homework about the index. The index is the measurement of how the interest rate changes. Your lender will use this index to determine interest rate flexibility.

The real issue with the adjustable rate mortgage on your FHA home is that it's impossible to predict when or how much the interest rate may change. Ask your lender to explain the index in detail and how it works. Also, be sure to ask how much the index for your potential adjustable rate FHA home mortgage has changed recently, and where the information is reported. The flexible rate may require you to be more informed since the interest is subject to change.

NEXT:  Are There Limits to FHA Mortgage Loans?

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FHA Loan Articles and Mortgage News

Paying Off Your FHA Mortgage Loan Faster

October 10, 2018 - Depending on your financial needs and goals, it may be tempting to pay off an FHA mortgage faster than the term of the loan. This is a good idea if you need to save money over the lifetime of the mortgage-paying the full term of the loan means paying interest for that full term.

Which FHA Refinance Loans Require a New Credit Check?

October 7, 2018 - The short answer is that most of them do. There is only one FHA refinance loan that has no FHA-required credit check, and most typical FHA forward mortgages for purchasing a new property will require one. Credit scores and credit history are important factors for home loan approval.

Check Your Credit Report Before Applying for a Home Loan

October 5, 2018 - There are two basic stages for many borrowers thinking about applying for a mortgage loan. Whether you are choosing an FHA mortgage or any other type of home loan including refinance loans, there should be a planning stage and an application stage in your home loan process.

Are There FHA Loans for Investment Properties?

October 3, 2018 - This is a common question, and at first glance, FHA loan rules do prohibit using single family FHA mortgages to purchase investment real estate. But much depends on the buyer’s definition of investment property compared to the FHA view.

FHA Down Payment Rules and Options

September 30, 2018 - FHA home loans are attractive to many borrowers because the FHA guidelines are more forgiving with FICO scores, and a lower down payment is required than for some other mortgages. But your down payment requirements aren’t just set by the FHA; lender standards also have a say.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!