These are Today's Rates
(Friday's rates can be locked over the weekend until Sunday night)

FHA Purchase Loans

6.307% PAR rate

If Seller Concessions or Buyer covers the origination & $1,055 underwriting
NOTE: This rate does not have "points" added to lower the interest rate

In this example the buyer is purchasing a primary single family residence (SFR) for $489,150 and putting 3.5% down payment ($17,120) with a 30 year fixed rate up to the 2023 national FHA loan limit of $472,030 with a 780 Fico Score. Many USA Counties alow for higher loan amounts than the national FHA limit.

Click here to see those limits in Florida and Colorado.

All FHA Loans have 2 different Mortgage Insurance Premiums:

1. UFMIP (Up Front Mortgage Insurance Premium) of 1.75% of the loan amount.
     ($8,260.52 in this example)
2. MIP (Monthly Mortgage Insurance Premium)
     ($215.03 each month if buyer has a 780 FICO score in this example)

Note: On FHA loans, the MIP never goes away... even if the home's value is 20% more than the loan amount. 
On Conforming Loans (Fannie Mae & Freddie Mac) Mortgage Insurance, a.k.a. MI,  will go away over time.

FHA Single Family Purchase Details:

• FHA Purchase Loan fixed for 30 years (Loan amount increased to include the UFMIP)
• Single Family Residence (Not a condo)
• $489,150 Purchase Price
• $17,120.25 Down Payment
• $472,030 Initial Loan Amount (2023 National FHA Loan Limit) 
• $8,260.52 UFMIP (Up Front Mortgage Insurance Premium of 1.75% of Loan Amount)
• $480,290.52 Loan Amount with UFMIP Included
• $215.03 MI (Monthly Mortgage Insurance)
• $9,460.08 Seller Concession (Amount needed to cover the UWM origination & $1,055 UWM underwriting)

Closing costs can be reduced by choosing a higher interest rate that covers closing costs with lender credits (rolling costs into the mortgage rate).
A seller can also choose to help cover closing costs by offering up to a 6% seller.