Federal Housing Administration (FHA) Loan
Why You Should Choose a FHA Loan
Learn how you may be able to refinance or purchase your home quickly and an easier qualification & credit process. This mortgage product may give you the low fixed rate you need with the safety and security of knowing it's government insured.
This product is great for consumers who:
- Have a current FHA Loan and want to save money by getting a lower rate.
- Could use some easier qualification and credit standards in order to get approved.
- If you owe more on your home than what the market says it's worth. (for those upside down on their mortgage)
- Have less than 20% equity in their primary residence.
- Have less than 20% in cash to put down on a property they wish to purchase.
- Could use limited documentation requirements to qualify.
- Can prepay this type of mortgage off at any time without any prepayment penalties.
- May need an adjustable rate 5 year loan with the security of a FHA product.
- Choose from a 30, 25, 20 & 15 year fixed rate term.
- May have credit scores as low as 580 and can still qualify.
- Can use the flexibility to refinance up to 97.75% of our primary residence appraised value.
Watch this video to learn more about FHA Loans
If you currently have a FHA loan you may benefit by applying for an FHA Streamline Loan. Not only could you get a lower rate but you may not need an appraisal; which means your loan can fund that much quicker. Learn more about FHA Streamline Loans.
*Disclosures (+):
- Average consumer, second quarter 2013, saved $601 a month on their mortgage by refinancing with OpenGate Lending ($7,218 annually).
- 30-Year Fixed-Rate Mortgage & 20-Year Fixed Rate Mortgage: Loan amount $300,000 30-year Fixed-Rate Loan at 3.75% and 70% loan-to-value (LTV) with up to 3 points due at closing. The Annual Percentage Rate (APR) is 4.031%*. Payment does not include taxes and insurance premiums. Processing & underwriting fees up to $1,645.00. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
- 15-Year Fixed-Rate Mortgage & 10-Year Fixed Rate Mortgage: Loan amount $300,000 15-year Fixed-Rate Loan at 2.75% and 70% loan-to-value (LTV) with up to 3 points due at closing. The Annual Percentage Rate (APR) is 3.191%*. Payment does not include taxes and insurance premiums. Processing & underwriting fees up to $1,645.00. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
- Please keep in mind mortgage rates can change daily.
- Actual payments shown vary based on individuals financial situation, credit score, current rate, etc., to name a few.
- Some mortgage products provided by OpenGate Lending may not be available in all states.
- Some jumbo mortgage products may not be available to all buyers including first time home buyers.
- OpenGate Lending services not available in all states/areas.
- Some restrictions may apply.
- Rates assume the purchase or refinance of a primary residence only with no cash out at closing of the loan.
- Rates assume loan to value rate (LTV) is 70%, If LTV is greater than 80%, PMI (private mortgage insurance) will be added to your monthly mortgage payment, unless with the exception of a Military/VA loan product. Military/VA loans do not require PMI.
- Rates assume a credit rating/score of 740 and above, that closing costs are paid out of pocket (unless noted otherwise), this loan would be for your primary residence, a single family residence, DTI (debt-to-income) ratio less than 30% and that an escrow account is used for payment of taxes and insurance. Jumbo loan products assume a credit rating/score over 740.
- OpenGate Lending does not have all your information necessary such as payment history, credit rating/score, home appraisal, etc. to give you the most accurate mortgage payment; so rates and payment results may vary from the actual calculation shown.
- Once your personal information has been collected, credit report processed, documentation received as necessary and required by lender for the specific loan, and a rate can be quoted - it may be locked for a period of 45 days.
- TV and Radio Disclaimer: To be eligible for this promotion a bonafide Good Faith Estimate (GFE) and Rate Lock confirmation dated the same day must be received within 24 hours after OpenGate Lendings’ tentative approval of initial application. Testimonials advertised & recorded are from paid actors, the testimonials where taken from the written testimonials our customers posted on trustlink.org based on the service they received from OpenGate Lending. The quoted offer will be defined as the total estimated settlement costs on the Good Faith Estimate. Subordinating and existing lien may result in fees charged the applicant, and will not be refunded by the lender. Home Owners Association certification fees may be charged when the subject property is a Condominium or PUD, and will not be refunded by the lender. Vesting changes may result in additional fees, and will not be refunded by the lender. Fees charged by applicant’s current lien holder will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Non-locked rate is subject to change. Rates advertised do not include amounts for taxes and insurance premiums, which will result in a higher actual monthly payment. Consolidating or refinancing debts may increase the time and/or the finance charges /total loan amount needed to repay your debt. Rate listed assumes a loan amount between $300,000 and $417,000, conforming loans only, establishing an impound/escrow account, owner occupied, single family residence, minimum 740 FICO credit score for all borrowers, no mortgage lates and 70% loan-to-value or less, debt-to-income ratios of 30% or lower, assets and reserve requirements are met. Taxes & insurance charges are not included. Loan fees are typically financed through the loan. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. Applicant must meet credit and income requirements. Rates subject to change without notice. Limited Time Offer. If the application is approved for the "No Closing Cost" loan program, the appraisal fee will be refunded within 14 days after the loan funds are disbursed. If the appraisal fee increases due to a lender required re-inspection, the application is responsible for paying the additional cost. No portion of the appraisal fee or re-inspection fee will be refunded if the service has been rendered and the loan is cancelled or declined. A survey fee may be charged to the applicant if required by the lender, and will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Limited time offer. See website or call for terms and restrictions. Not all applicants will be approved. Loans made pursuant to the Department of Corporations California Finance Lenders Law license #603J903, Oregon Division of Finance and Corporate Securities ML-5174, Colorado Mortgage Company Registration. NMLS Unique Identifier # 954578, Equal Housing Lender. OpenGate Loans Inc., dba OpenGate Lending, 18008 Sky Park Circle, Suite 200, Irvine, California, 92614. OpenGate Lending is not licensed in all 50 states. Products and services offered are not available to residents of states in which OpenGate Lending is not licensed. For a complete list of state licenses, please go to www.opengatelending.com or www.nmlsconsumeraccess.org.
NO CLOSING COST LOAN STANDARD AJUSTMENTS - APPLIES TO 10, 15, & 30 Year Fixed
| Loan Feature
| Criteria
| Add to Rate
|
| Non-Escrowed Loans |
*No change for non-escrowed loans* |
0 |
| Loan Amount |
$250,000-$299,999 |
0.125 |
| Loan Amount |
$200,000-$249,999 |
0.25 |
| Loan Amount |
$150,000-$199,999 |
0.375 |
| Loan Amount |
$100,000-$149,999 |
0.5 |
| Loan Amount |
$99,999 or less NOT OFFERED |
NOT OFFERED |
| 2 -4 Unit Properties |
|
0.375 |
| Condo |
LTV > 75% Term > 15 Years |
0.25 |
| High LTV |
(95.01 - 97%) |
0.25 |
| Properties on Schedule of R.E. >1 |
|
0.125 |
| (owning multiple properties) |
|
|
| Self Employed Borrower(s) |
|
0.125 |
| Subordinate Financing |
LTV <= 75.00% |
0.125 |
| Subordinate Financing |
LTV >= 75.01% |
0.25 |
| Investment Property |
LTV <= 75.00% |
0.75 |
| Investment Property |
LTV >= 75.01% |
1 |
| Fico < 740 |
Term <= 15 Years |
0.125 |
| LTV > 70% |
Term <= 15 Years |
0.125 |
This is OpenGate Loans "No Closing Cost" Loan. It is available to refinance transactions only.
OpenGate Loans will pay all of the Borrower's closing costs except: Prepaid interest, property taxes, state mortgage taxes, lender payoff fees and any type of insurance.
Rate advertised assumes loan amount between $300,00 and $417,000.
No Closing Cost Loans not available for loan amount below $100,000.
Advertised Rate and APR does not apply to borrowers who have refinanced within the last 6 months.
- Do It Right Refinance loan "Cash Refund for overpaid interest" is delivered by mail, paid via check and will be sent to borrower within 30 days from the borrower's loan closing date.
- "Cash Refund for overpaid interest" is limited to a flat fee of $250 for loan amounts $100,000 - $250,000.
- "Cash Refund for overpaid interest" is limited to a flat fee of $500 for loan amounts $250,001 - $499,999.
- "Cash Refund for overpaid interest" is limited to a flat fee of $800 for loan amounts $500,000 and above.
- Do It Right Refinance loan not available for loan amounts under $100,000.
- Do It Right Refinance loan only available for conventional loans; does not apply to FHA or VA loan products. Must mention to loan officer the Promo Code &/or Advertisement when calling in for the first time, in order to be eligible for "Cash Refund for overpaid interest." To be eligible for this promotion a bonafide Good Faith Estimate (GFE) and Rate Lock confirmation dated the same day must be received within 24 hours after OpenGate Lendings’ tentative approval of initial application. Conforming loans only, establishing an impound/escrow account, owner occupied, single family residence, minimum 760 FICO credit score for all borrowers, no mortgage lates and 60% loan-to-value or less, debt-to-income ratios of 30% or lower, assets and reserve requirements are met. Taxes & insurance charges are not included. Loan fees are typically financed through the loan. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. Applicant must meet credit and income requirements. Rates subject to change without notice. Limited Time Offer. No portion of the appraisal fee or re-inspection fee will be refunded if the service has been rendered and the loan is cancelled or declined. A survey fee may be charged to the applicant if required by the lender, and will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Limited time offer. See website or call for terms and restrictions. Not all applicants will be approved.
CA DOC License # 603J903 NMLS License # 954578