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Chase FHA Loan

What is a Chase FHA Loan?

A FHA assured loan is a Federal Housing Administration mortgage insurance backed mortgage loan rendered by a FHA-approved bank. JP Morgan Chase is an FHA approved lender and gives FHA loans, which are a sort of federal aid intended for relatively poorer Americans who aren’t able to borrow in order to buy a home. The FHA guarantees mortgage loans to assist people buy or refinance their current homes with a low down payment so that even if the borrowers default, the bank doesn’t lose money.

To obtain mortgage insurance financing from the Federal Housing Administration, a mortgage insurance payment (MIP), which is a percentage of the loan amount at closing is taken which is paid by the Chase and credited to FHA on the debtor's behalf. The customers can also visit the Chase website www.chase.com and register online for more detailed information. The customer can also call on the customer care number 1-800-873-6577 for detailed information.

The guidelines of a Chase FHA loan program that benefit low income individuals are:
  • Minimum Down Payment, Closing Costs and cash reserves.
  • Exemptions for down payment and closing costs.
  • Regulated closing costs and modifications.
  • No minimum credit score requirements.
  • FHA permits a home purchase two years after Bankruptcy and three years hence foreclosure.
  • Lower rates of interest.
  • Larger Debt Ratio and relaxations in employment regulations.
The aforesaid benefits about FHA loans make them one of the best alternatives for customers. Any citizen not having an existing Chase FHA insured loan at that specific time can make use of a FHA loan.

Chase FHA Loan Process

The debtor is required to sign:
  • Request for Modification and Affidavit (RMA) listed on the loan document.
  • Dodd-Frank Certification to validate that the borrower hasn’t been convicted with crimes pertaining to mortgage or real estate transaction.
The acknowledgements of filling the above mentioned details are sent to the customer. If the client is successful in making all the trial duration payments and his/her fiscal situation is the same as before, the approval for a permanent modification of the loan is done. The Modification Agreement sent to the client delineates all the alterations to the loan. The modification achieves permanence once the accord is sanctioned and notarized.

Listed below are some of the various kinds of FHA loan programs available
  • Single Family Home – A staple FHA loan program aimed at single family homes.
  • Duplex Triplex – A program meant for multi family homes.
  • Fixed Rate Loan is a fixed rate mortgage loan program.
  • Adjustable Loan (ARM) is a basic FHA adjustable rate mortgage loan program.
  • Buy down FHA Loans - Small Start Rate FHA buy-down loan program.
  • HUD Homes - Funding for HUD homes at just $100 down payment.
  • Officer Next Door - Special 50% discounted homes for officers.
  • CHFA Loans (CHAFA) - 100% financing option for first time buyers in California.
  • Access 2000 - 102% funding alternative for first time buyers.
  • 203K - Home improvement & renovation loan program.

FHA 203k Streamline Loan Program by Chase

The FHA 203k streamline mortgage loan program by Chase has soured in popularity due to an increase in the demand of home renovation and repair. Applying for a FHA 203k streamline loan from Chase allows the customer to strike the best deal with effective rates, fees and operational efficiencies.

FHA 203k Interest Rates

ProductTodayLast Week
30 year fixed3.98%4.07%
15 year fixed3.23%3.28%
5/1 ARM2.76%2.94%

Last Updated On: 2011/09/02