FHA Loans Redding, CA
If you’re a first-time home buyer, then the FHA loan is a great opportunity for you.
Call Redding Megastar, and we’ll figure out your options together.
We offer a great selection of investment loans options
A Few of the Benefits
If you’re looking to invest in real estate, good options are available for financing. Megastar Financial is a very good choice for an investment loan, as we know the market locally and are willing to help customers invest.
A Few of the Pros and Cons of FHA Loans in Redding, CA
The Two Parts to Mortgage Insurance:
Monthly Mortgage Insurance
This is a monthly charge and is calculated by multiplying the loan amount by .9% and then dividing by 12 months.
Example: $200,000 x .9% = $1,800 / 12 months = $150/month
Mortgage Insurance Premium (Requirement from the government)
This is a one-time charge that gets financed on top of the loan amount and is calculated by multiplying the loan amount by 1%.
Example: $200,000 x 1% = $2,000.
So the total loan amount after the MIP is financed is $202,000.