There are also mortgage terms longer than 30 years. Qualified veterans have been able to buy homes with no down payment for many years. FHA loans with as little as three percent down payments are.
If you’ve had the loan longer, you must have no more than one 30-days-late payment. With the FHA’s half-point reduction in monthly mortgage insurance premiums, and mortgage rates that are lower.
FHA Loans- APR calculation assumes a $153,918 loan ($150,000 base amount plus $3,918 for prepaid mortgage insurance) with a 3.5% down payment and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable.