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FHA Mortgage Qualification Calculator
FREEandCLEAR Calculator

Calculate the FHA Mortgage You Qualify For and Connect with Top Lenders

Use the FREEandCLEAR FHA Mortgage Qualification Calculator to determine what size FHA mortgage you qualify for based on your gross income and debt as well as the mortgage insurance premium (MIP) fees for an FHA mortgage.  When you submit your information we connect you with up to four leading lenders so that you can confirm your mortgage terms and compare multiple proposals to find the mortgage that is right for you.  We also offer a version of this calculator that does not require personal information

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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
By clicking "CALCULATE" you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
Outputs
 
The maximum allowable mortgage amount eligible for the FHA progam in your county
 
Estimated property purchase price you can afford based on the mortgage amount for which you qualify and your down payment
 
The size of your mortgage relative to the value of your property. If your mortgage size is $80,000 and the property purchase price is $100,000, the LTV ratio is 80%
 
 
 
Total monthly housing expense including your mortgage payment (principal and interest), property taxes, property insurance and FHA Mortgage Insurance Premium
Lender guidelines typically allow you to spend a maximum of 43% of your GROSS monthly income on your combined monthly housing expense and other monthly debt
 
The FHA Program requires the borrower to pay an up-front Mortgage Insurance Premium (MIP). The up-front MIP is 1.75% of the mortgage amount
 
The FHA Program requires the borrower to pay an ongoing Mortgage Insurance Premium (MIP) in addition to the monthly mortgage payment. The amount of MIP depends on mortgage amount, LTV ratio and mortgage term
 
 
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Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
Rate:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Compare FHA Mortgage Rates
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

Key FHA Mortgage Benefits

1

Down Payment on an FHA Loan

The FHA mortgage program only requires a down payment of 3.5% of the property purchase price.  Saving money to pay for a down payment is one of the biggest obstacles to buying a home so enabling borrowers to qualify for a mortgage with such a low down payment is a huge benefit.  Borrowers can also combine an FHA mortgage with a home buyer assistance grant to pay for a down payment or closing costs, enabling you to purchase a home with minimal personal financial contribution.  Although borrowers are required to pay an extra upfront and monthly FHA mortgage insurance premium (MIP), the FHA mortgage program makes owning a home possible for more people.

2

More Flexible Program Eligibility Requirements

The borrower qualification requirements for an FHA mortgage are more flexible than most other low or no down payment programs.  For example, the FHA mortgage program requires a minimum borrower credit score of 580 as compared to a minimum credit score of 620 for other programs.  Additionally, the FHA program allows lenders to use a higher debt-to-income ratio to determine what size mortgage borrowers qualify for.  The higher the debt-to-income ratio the higher the loan amount you can afford.  In short, the relatively flexible qualification requirements used by the FHA program enable more borrowers to qualify for FHA mortgages.

3

Lower Mortgage Rate

The interest rate for FHA mortgages is lower than the interest rate for many other low down payment home loan programs.  FHA mortgages have lower interest rates because borrowers pay FHA mortgage insurance premium (MIP) and because the loans are insured by the U.S. government.  Paying a lower mortgage rate reduces your mortgage payment and total monthly housing expense and saves you a significant amount of money in total interest expense over the course of your mortgage.  

4

No Borrower Income Limits

The FHA mortgage program is available to all borrowers that qualify.  Unlike some other low or no down payment mortgage programs, the FHA program does not apply borrower income limits or restrict where the property being financed is located.  Although the program uses FHA loan limits that cap your mortgage amount, not using income limits or property location restrictions makes the FHA mortgage program accessible to more potential home buyers. 

More FREEandCLEAR Mortgage Resources

Mortgage Guides

FHA Mortgage Program Overview

Review our in-depth overview of the FHA mortgage program including borrower qualification requirements and other important program information such as property eligibility, FHA loan limits and FHA mortgage insurance premium (MIP)

Programs

Pros and Cons of an FHA Mortgage

Understand the positives and negatives of an FHA mortgage to determine if it the right program for you

Resources

FHA Mortgage Rates

Use our FHA mortgage rate table to review updated FHA mortgage rates and fees for lenders in your area.  Shopping multiple lenders is the best way to find the FHA home loan that is right for you

Mortgage Calculators

Comparison of No and Low Down Payment Mortgage Programs

Review and compare multiple government-backed and conventional low or no down payment mortgage programs to understand borrower benefits, program eligibility requirements and qualification guidelines

FREEandCLEAR is not affiliated with or endorsed by any government agency
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Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:
Email:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
City
State
GET FREE Quotes
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!