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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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February 16, 2019
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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

Should First Time Home Buyers Consider Adjustable Rate Mortgages?

February 3, 2019 - Should a borrower applying for a first-time home loan consider an FHA adjustable rate mortgage loan? Is it possible to save money with a new home loan that doesn’t have a fixed interest rate? FHA home loans are great choices for first-time home buyers, but the options may seem confusing at first.

First Time Home Buyers Can Get Prequalified

February 2, 2019 - Why should a first-time home buyer get pre-qualified for an FHA mortgage? There are a variety of reasons to consider, but one of the most important is being able to see how much home you can afford and how much loan a lender is willing to offer you based on your credit score and history.

Can I Get a No-Wait FHA Loan After a Short Sale?

February 1, 2019 - A short sale may be used by home owners as a method to avoid foreclosure. Regardless of the motivation for the short sale, under certain circumstances there is a mandatory three-year FHA-required waiting period.

FHA Loans In 2019 Offer Choices to Home Buyers

January 31, 2019 - An important thing to know about applying for an FHA mortgage in the new year is that FHA loan limits are higher in 2019, giving people the ability to borrow more to buy a home. And you don't have to stay with your current lender when you are doing an FHA-to-FHA refi loan.

First Homes, First-Time Home Buyers, and Credit Requirements

January 30, 2019 - Looking for a first home but worried about your credit scores? FHA loans feature lower credit requirements but it’s easy to forget that FICO scores are not the only criteria used to judge your ability to afford a first home loan.

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!