QUEENS, N.Y. – Qside FCU has expanded its mortgage loan program to include Federal Housing Administration mortgage loans and refinances.
With FHA mortgage loans, the minimum amount for a down payment on a home is only 3.5%.
Qside will continue to offer its existing mortgage offerings, including fixed and adjustable rate conventional mortgages, as well as fixed rate Veterans Administration mortgages.
FHA insures a lender’s loans against loss in case the borrower cannot make payments. The cost of this mortgage insurance is passed along to the homeowner and is typically included in the monthly payment. In most cases, the insurance cost to the homeowner will drop off after five years or when the remaining balance on the loan is 78% of the value of the property (whichever is longer). Loans must meet certain requirements established by FHA to qualify for insurance.
FHA is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
