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An FHA loan is a government-backed home loan option insured by the Federal Housing Administration that requires a down payment as low as 3.5%.
Why choose DuPage Credit Union for your FHA loan?
Looking for a better alternative to FHA?*skip to disclosure
With a Low Down Payment Mortgage, you'll save $67/month while paying mortgage insurance and $200/month after mortgage insurance is no longer required. That's a savings of $60,000 over the life of a 30-year loan.
| Low Down Payment Mortgage | FHA Loan | |
|---|---|---|
| Purchase Price | $200,000 | $200,000 |
| Down Payment | 3% Down = $6,000 | 3.5% Down= $7,000 |
| Upfront MIP | $0 | 1.75% Upfront MIP = $3,378 |
| Loan Amount | $194,000 | $196,378 |
| Estimated Rate | 4.50% | 4.25% |
| Principal/Interest Payment | $983 | $966 |
| Monthly Mortgage Insurance | $133 until 20% paid (80% LTV) | $217 for life of the loan |
| Monthly Payment | $1,116 | $1,183 |
Get help with FHA Loans.
In order to qualify for an FHA loan, you have to be a legal resident of the United States, have a source of income and be able to provide a 3.5% down payment.
Yes. The great thing about an FHA loan is that you may qualify even if you have a lower credit score or you’ve filed for bankruptcy in the past.
No. You can pay your loan off as early as you’d like without worry of a prepayment penalty.
Yes. MIP is required upfront and monthly for the life of the loan.
Yes, you can refinance with the FHA Streamline – a simplified, less complex refinance program that can get you a lower rate on your mortgage. To qualify, your current mortgage needs to be a FHA. Or, you can refinance with a Conventional Equity Loan to remove Private Mortgage Insurance (PMI) if you qualify.
We're happy to help.
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Must have a Credit Union membership established and be in good standing. Membership Savings APY = Annual Percentage Yield. Rates are subject to change without notice. See Current Rates. The rate may change after the account is opened. APY is accurate of the last dividend declaration date. Earnings may be reduced if fees are incurred. Accounts will not earn dividends until balance reaches $100.
Rate, points, and Annual Percentage Rate (‘APR’) may be adjusted based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and your credit score. Your final rate and points may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply. Maximum loan to value varies based on multiple factors, including but not limit to loan type, property type and occupancy type.
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Some Out of State, FHA, VA, and conforming loans may not be serviced by DuPage Credit Union.
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Homeowners insurance required. Single-Family homes only in Illinois. Does not include 2-4 flat or apartment complex financing. Available on 15 and 30-year mortgages. Down payments as low as 3.5% with loans up to $647,200 or the county limit (whichever is less). Consult a tax adviser regarding deductibility of interest. Other restrictions may apply.
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Credit scores as low as 620.
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The rate lock period is 50 days.
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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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