An FHA loan is a government-backed home loan option insured by the Federal Housing Administration that requires a down payment of only 3.5%.*
Why choose DuPage Credit Union for your FHA loan?
Looking for a better alternative to FHA?
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|
|Down Payment||3% Down = $6,000||3.5% Down= $7,000|
|Upfront MIP||$0||1.75% Upfront MIP = $3,378|
|Monthly Mortgage Insurance||$133 until 20% paid (80% LTV)||$217 for life of the loan|
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, 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.
Homeowners insurance required. Single-Family homes only in Illinois. Does not include 2-4 flat or apartment complex financing. Consult a tax adviser regarding deductibility of interest. Must be a Member in good standing. Other restrictions may apply.
DuPage Credit Union does not service FHA Loans. For more information, please contact us at 800-323-2611.