fha loans is 40 year good? what could be the rate ?4.0?

forgottenwaysd1 · Joined: 25 May 2009 Posts: 1 1.00 Dollars($)

I want a fha loan for a home 40 50 year and low rate of interest I am an ssi. I live in wis.

Niicss · Posted: Tue May 26, 2009 1:36 am Post subject:

Hi forgottenwaysd

FHA loans are available to people with a minimum credit score of 620. Loans available through FHA approved lenders can be repaid over a period of 10, 15, 20, 25, or 30 years. You should have a stable income and you should be able to pay a down payment of at least 3%. Rates will not be as low as 4% but you can definitely take advantage of the current market rates. However, as you are on SSI, it can get difficult for you to get a loan.

Thanks.

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