Current FHA Mortgage Rates February 27, 2010
Findlocamortgagerates.com conducts a weekly survey of the top bank mortgage lenders. The results of this survey helps borrowers compare mortgage interest rates and product information from some of the largest U.S banks so consumers looking to purchase a new home or refinance can easily find the right mortgage that fits their needs.
The following list of mortgage loans and rates is a sample form the survey. These rates are for FHA loans or a mortgage that is backed by the Federal Housing Administration (FHA). FHA loans along with VA loans are generally referred to as government loans
The following list displays current interest rates for a sample of various combinations of mortgage rates and fees available on FHA loans from this week’s mortgage rate survey.
US Bank 30 year fixed rate FHA loan has a rate of 4.875% with one point and a 5.495% APR.
The same 30 year FHA loan from US Bank is available with a mortgage rate of 5.25% and no points and an APR of 5.792%.
Bank of America Home Loans offers a 30 year fixed rate FHA loan that has a mortgage rate of 4.875% and 1.375 points with an APR of 5.109%.
Wells Fargo Home Mortgage offers a 30 year fixed rate FHA home loan with a mortgage rate of 5.125% with one points and an APR of 5.85%.
HSBC Mortgage rate on a 30 year FHA is at 5.125% with no points and a 5.310% APR.
SunTrust Mortgage has a 30 year FHA home loans with a mortgage rate of 4.875% and 1 point resulting in a 5.425% APR.
The APR includes the interest rate, fees, points, certain closing costs and mortgage insurance. FHA mortgage rates, points and closing costs are subject to change without notice.
The preceding is a sample of programs and interest rates; other loans and rate options are available from the listed mortgage lenders. Rates listed are for purchases on owner-occupied single family primary residences. The accuracy of the home mortgage details is not guaranteed.
All loans are subject to bank approval. Some mortgage loan products may have geographic restrictions, other restrictions may apply and additional conditions will apply to obtain these home loans.
Regions Mortgage Locations Tennessee
Regions Mortgage is part of Regions Financial Corporation which is a financial holding company that operates throughout the South, Midwest and Texas. Regions mortgage provides traditional commercial, retail and mortgage banking services to its customers. Regions mortgage has over 600 loan originators in 16 states. Regions Bank operates approximately 1,900 banking offices and 2,300 ATMs.
Regions Mortgage has a number of mortgage locations in Tennessee. Regions Mortgage representative can assist prospective home loan borrowers on purchases and refinances. They can provide assistance to help select the best mortgage rate or the best mortgage loan program whether that loan is a fixed rate loan, adjustable rate mortgage, FHA loan or a jumbo home loan.
Regions Mortgage locations:
Regions Mortgage
1206 Murfreesboro Road
Franklin, TN 37064
615-748-2306 - Phone
615-748-2929 - Fax
Regions Mortgage
1600 Division St
Nashville, TN 37203
615-748-2154 - Phone
615-748-2155 - Fax
Regions Mortgage
7744 Poplar Avenue
Germantown, TN 38138
901-756-2646 - Phone
901-756-2644 - Fax
Regions Mortgage
800 25th Street
Cleveland, TN 37311
423-339-4644 - Phone
423-339-4655 - Fax
Regions Mortgage
805 Memorial Boulevard
Murfreesboro, TN 37122
615-758-1604 - Phone
615-758-1621 - Fax
Regions Mortgage
315 Deadrick Street
Nashville, TN 37237
615-748-2983 - Phone
615-736-6761 - Fax
Regions Mortgage
2052 South Main
Milan, TN 38358
731-686-2900 - Phone
731-686-2923 - Fax
Regions Mortgage
40 Burton Hills Blvd
Nashville, TN 37215
615-748-2825 - Phone
615-748-2823 - Fax
Regions Mortgage
11400 Parkside Drive
Farragut, TN 37934
865-540-5507 - Fax
Regions Mortgage
208 Sunset Drive, Suite 204
Johnson City, TN 37601
423-282-7691 - Phone
423-282-7696 - Fax
Regions Mortgage
100 E. Vine Street, #300
Murfreesboro, TN 37130
615-904-2818 - Phone
615-904-2808 - Fax
Regions Mortgage
610 North Garden Street
Columbia, TN 38401
931-380-5070 - Phone
931-380-5005 - Fax
Regions Mortgage
423 North Parkway
Jackson, TN 38305
731-661-6822 - Phone
731-661-6880 - Fax
Regions Mortgage
1100 Ridgeway Loop, Suite 100
Memphis, TN 38120
901-821-8801 - Phone
901-821-8802 - Fax
Regions Mortgage
810 Crescent Centre Drive-Suite 300
Franklin, TN 37067
615-309-7370 – Phone
Regions Mortgage
6200 Poplar Avenue
Memphis, TN 38119
901-580-5492 - Phone
901-580-5390 - Fax
Regions Mortgage
112 Long Hollow Pike
Goodlettsville, TN 37072
615-851-5295 - Phone
615-851-5232 - Fax
Regions Mortgage
10245 Kinston Pike, 2nd Fl
Knoxville, TN 37922
865-521-5220 - Phone
865-521-5227 - Fax
Regions Mortgage
3572 Tom Austin Hwy
Springfield, TN 37172
615-382-4150 - Phone
615-382-7632 - Fax
Regions Mortgage
181 Belle Forrest Circle
Nashville, TN 37221
615-662-1177 - Phone
615-662-1690 - Fax
Regions Mortgage
10 West Broad Street
Cookeville, TN 38501
931-526-2181 - Phone
931-372-6626 - Fax
Regions Mortgage
4934 Columbia Pike
Spring Hill, TN 37174
931-380-5081 - Phone
931-380-5063 - Fax
Regions Mortgage
11 Murray Guard Drive
Jackson, TN 38305
731-984-6150 - Phone
731-668-2479 - Fax
Regions Mortgage
601 Market Street, 4th Floor
Chattanooga, TN 37402
423-752-7800 - Phone
423-752-1617 - Fax
Regions Mortgage
128 North 2nd Street
Clarksville, TN 37040
931-553-5234 - Phone
931-553-5253 - Fax
Regions Mortgage
1415 Union Avenue
Memphis, TN 38104
901-762-5970 - Phone
901-762-5995 - Fax
Regions Mortgage
1604 21st Avenue S
Nashville, TN 37212
615-748-2440 - Phone
615-748-2441 - Fax
Regions Mortgage
840 State Street
Bristol, TN 37620
423-652-8554 - Phone
423-652-8541 - Fax
Regions Mortgage
3191 Lebanon Pike
Nashville, TN 37214
615-748-2593 - Phone
615-748-8418 - Fax
Regions Mortgage
5515 Brainerd Road
Chattanooga, TN 37411
423-894-1058 - Phone
423-899-4899 - Fax
Regions Mortgage
242 Lindell Street
Martin, TN 38237
731-587-3131 - Phone
731-588-2548 - Fax
Regions Mortgage
120 South Forrest Avenue
Camden, TN 38320
731-584-8223 - Phone
731-584-7114 - Fax
Regions Mortgage
3020 Kirby Whitten Rd
Bartlett, TN 38134
901-388-5868 - Phone
901-388-3361 - Fax
Regions Mortgage
3577 Hacks Cross Rd.
Memphis, TN 38125
901-759-5266 - Phone
901-759-5277 - Fax
Regions Mortgage
2 Union Square, #100 Tallan Bldg
Chattanooga, TN 37402
423-757-5807 - Phone
423-757-5815 - Fax
Regions Mortgage
1861 North Highland
Jackson, TN 38305
731-984-6000 – Phone
Regions Mortgage
333 East Broadway
Maryville, TN 37801
865-981-1470 - Phone
865-981-1411 - Fax
Regions Mortgage
6100 Kingston Pike
Knoxville, TN 37919
865-673-5751 - Phone
865-673-5755 - Fax
Regions Mortgage
805 E. Broadway Street
Lenoir City, TN 37771
865-673-5779 - Phone
865-521-5976 - Fax
Regions Mortgage
175 Miller Avenue
Crossville, TN 38555
931-484-6121 - Phone
931-456-9033 - Fax
Regions Mortgage
201 West Morris Blvd
Morristown, TN 37813
423-587-7100 - Phone
423-587-7171 - Fax
Regions Mortgage
2120 Gunbarrel Road
Chattanooga, TN 37421
423-634-4021 - Phone
423-634-4023 - Fax
Regions Mortgage
101 Elm Street
Shelbyville, TN 31760
931-684-9936 - Phone
931-680-0922 - Fax
Regions Mortgage
7540 East Brainerd Road, Suite 111
Chattanooga, TN 37421
423-752-1655 - Phone
423-321-6302 - Fax
Regions Mortgage
4383 Summer Avenue
Memphis, TN 38122
901-684-5400 - Phone
901-766-1668 - Fax
Regions Mortgage
2615 Old Fort Parkway
Murfreesboro, TN 37128
615-849-3014 - Phone
615-849-3018 - Fax
Regions Mortgage
7550 W. Farmington Boulevard
Germantown, TN 38138
901-762-5908 - Phone
901-762-5914 - Fax
Regions Mortgage
2155 Lowes Drive
Clarksville, TN 37040
931-648-2202 - Phone
931-905-0863 - Fax
Regions Mortgage
6231 Stage Road
Bartlett, TN 38134
901-385-5904 - Phone
901-385-5916 - Fax
Regions Mortgage
103 East Pleasant
Covington, TN 38019
901-475-5000 - Phone
901-475-5014 - Fax
Regions Mortgage
285 East Main
Gallatin, TN 37066
615-230-4600 - Phone
615-230-4615 - Fax
Regions Mortgage
4101 Hillsboro Road
Nashville, TN 37215
615-386-9862 - Phone
615-297-4937 - Fax
Regions Mortgage
415 Broad Street, Second Floor
Kingsport, TN 37660
423-229-0140 - Phone
423-229-0235 - Fax
Home Loan Housing Ratios
Mortgage lending institutions use several gauges to measure how much of a mortgage you can afford. Housing ratios is one such gauge that measures your capacity to deal with the monthly mortgage payment. These ratios are used to evaluate mortgage loans for home purchases and existing mortgage refinances.
Housing ratios are generally broken down into two distinct measures or ratios. The first housing ratio often referred to as the front-end ratio, measures the cost of your mortgage payment divided by your gross monthly income. The second ratio, referred to as the back end ratio, measures your mortgage payment with all other contractual monthly payments divided by your gross monthly income. Some banks and mortgage lenders separate the term housing ratio to mean just the house payment and the debt ratio to refer to all payments.
The front end ratio calculates the full PITI mortgage payment. The PITI is the principal and interest payment of the home loan, the monthly real estate taxes and monthly cost of homeowners insurance and/or mortgage insurance. The back end ratio adds to the PITI any other contractual debt. Examples of other debt would be; car loans, credit card payments, department store charge card payments, personal loans, and similar debt payments. Generally utilities bills and day care expenses are not included in the housing ratios. Also excluded are payments on installment loans the have 10 payments or less remaining.
Housing ratios on conventional mortgage loans are usually 32% for the front end ratio and 38% for the back end ratio. FHA loans are generally expected to be 29% for the front end and not to exceed 43% on the back end ratio. As you can tell from the description, ratios are generally set as guidelines not laws that have to be enforced. One can view the housing ratios as guideposts to which your expenses should not exceed. However, with compensating factors is possible to obtain approval for a home loan with excessive housing ratios.
Compensating factors are generally favorable features about your application they would be considered better or more desirable than the standards credit and income requirements. Examples of compensating factors might include; exceptionally good credit, financial assets above and beyond the necessary amount for the loan request, or a low loan to value ratio. If an FHA applicant had debt ratios of 30% and 45% but was putting a 25% down payment, this loan will most likely get approved rather easily.
The biggest problems in housing or debt ratios, other than an applicant having ratios that exceed the requirements, is the accurate calculation of monthly income. Income in the mortgage industry is measured is the gross or before tax income, calculated on a monthly basis. Part time jobs with less than two years are generally considered as income. Overtime income must be verified that it will continue and must be received for the past two years. All income that fluctuates significantly will usually be averaged over the previous two years.
Debt payments play a big factor in qualifications as well. If a mortgage applicant can reduce there monthly debt payments, it may be easier to get approved for a home loan. Obviously, reducing the debt itself is the clearest method. However, it is also most likely the most difficult. Almost any legitimate plan to reduce an applicant’s debt prior to applying for a home loan is acceptable. In some cases, if the primary borrower makes all the income but has an excessive debt load that ends up disqualifying them for a mortgage loan, there is a trick. Debt that can be pushed on to the spouse that is not cosigned by the primary borrower relieves that debt payment from the primary borrower. Since the spouse’s income is not used to qualify for the mortgage purchase or refinance, it is possible to leave the spouse off the home loan and qualify with the primary borrower with debt transferred onto an account of the non-qualifying spouse.
Housing ratios and debt ratios are general rules. Certain factors regarding qualifying for a loan will be hard and fast rules, not these ratios. These numbers should be a guidepost to give you a reasonable idea as to what you can afford. Be sure to check the mortgage rates when evaluating debt ratios since a higher mortgage rate means a higher mortgage payment and a greater debt ratio. The mortgage calculator can be very helpful for measuring debt ratios and the impact of different mortgage terms and mortgage rates.