Maritime Mortgage Corp has been providing access to FHA loan financing since 1992.
Federal Housing Authority Program (FHA) is administered by the U.S. Department of Housing and Urban Development (HUD). This program has been in operation since 1934 and is charged with increasing home ownership by assisting qualified borrowers with low down payment financing. A minimum down payment of 3.5% is currently required. While not the lowest downpayment option for first time home buyers, it does have its advantages. FHA only requires 3.5% down on both single AND multi family homes (2-4 units), whereas Conventional financing requires a much larger downpayment for multi unit properties.
FHA Fixed Rate Mortgages are available in 15-30 year loan terms. These have traditionally been the most popular choice for people who intend to own their property for 5 years or more. Due to the fixed interest rate, the monthly mortgage payment remains consistent over the life of the loan.
FHA Adjustable Rate Mortgages (ARMs) are based on a 30-year loan term, with the interest rate adjusting to market rates over the life of the loan. Typical FHA adjustment periods range from 1-5 years. These loans are attractive to borrowers who don't plan to keep their property over the long term and can benefit from a lower initial interest rate. Initial rates (before 1st adjustment) on ARMs are lower than comparable fixed rates.
Loan limits: The conforming loan limit for all FHA loans depends on individual county limits. In Massachusetts, single-family home loan limits start at $484,350 and can go as high as $726,525 in higher cost areas (like Nantucket & the Vineyard).. Multifamily homes (up to 4 units) have higher loan limits than single-family homes.