FHA Mortgage Loans

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FHA Mortgage Features and Benefits

At Bethpage, we offer a wide selection of mortgage options, and we’re here to help you find the one that’s right for you. If you’re looking to finance a home with less money down and a less restrictive approval process than a traditional mortgage, a Bethpage FHA Mortgage Loan could be right for you.

Less restrictive credit score requirements
Low closing costs
Great option for first-time homebuyers

Buy a primary residence with as little as 3.5% down
- Gift funds are acceptable
- Seller and lender contributions are allowed
Refinance up to 97.75% of your primary home’s value

Bethpage offers competitive rates and low fees on 15 and 30 year FHA Mortgages, and we're committed to delivering exceptional member service every step of the way — from application through closing. See Additional Disclosures and Information.

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What is an FHA Mortgage Loan?

FHA Mortgage Loans are home loans regulated and insured by the Federal Housing Administration (FHA). These loans are designed with less restrictive qualifying guidelines in order to put homeownership within reach for many Americans who would otherwise have difficulty qualifying for a traditional mortgage.

FHA Mortgages vs. Conventional Mortgages

FHA

Conventional

Credit Score Minimum

Down Payment

3.5% for credit scores of 580+ 10% for credit scores of 500-579

Between 3% to 20%

Loan Terms^[1]

15, 30 years

10, 15, 20, 30 years

Mortgage Insurance

Upfront Mortgage Insurance Premium (UFMIP): 1.75% of the base loan amount. Annual Mortgage Insurance Premium (MIP): 0.45% to 1.05% of base loan amount (paid monthly). MIP is generally required for the term of the loan, but may be removed under certain circumstances.

Private Mortgage Insurance (PMI): Required if loan-to-value (LTV) exceeds 80%. Generally, 0.5% to 1% of the loan amount (paid monthly). PMI remains on the loan until certain conditions are met.

Interest Type

Fixed rate

Variable rate, fixed rate

"Total and complete satisfaction with the level of professionalism, efficiency, and expediency of the overall mortgage process, from start to finish."

Margot N. Member since June 2013

“I was very happy with the whole experience of obtaining mortgage through Bethpage Federal Credit Union. Every person that I interfaced with was professional, friendly, always answered my questions and would call me back promptly when I left a message.”

Maria S. Member since May 2005

“Fast and friendly service and best rates out there.”

Carl P. Member since September 2010

FHA Mortgage FAQs

What size down payment do I need?

You can get an FHA Mortgage Loan with a down payment as low as 3.5 percent of the purchase price.

Can my down payment be gifted for an FHA Mortgage Loan?

Yes, down payment funds for an FHA Mortgage Loan can be gifted by a relative, close friend or other approved donor.

Where can I find Bethpage’s current mortgage rates?

Click here to see today’s mortgage rates.

Does Bethpage offer an FHA Mortgage Loan for a refinance?

Yes, Bethpage offers FHA Mortgage Loans for both purchase and refinance.

Are FHA Mortgage Loans just for first-time homebuyers?

While FHA Mortgage Loans are ideal for first-time homebuyers, people who have owned a home in the past can also take advantage of the program.

Can I buy an investment property with an FHA Mortgage Loan?

FHA Mortgage Loans can only be used to purchase a primary residence. An investment property or a vacation home would not qualify.

Additional Disclosures and Information

[1] Fixed rate terms of 10, 15, 20, and 30 years have 120, 180, 240 or 360 monthly payments, respectively. FHA loans have 15- or 30-year repayment terms.

Payment Example. The Interest Rate, APR*, and Monthly Payment assumes the property is an existing single-family home used to purchase a borrower's primary residence, and a 96.5% LTV:

A 30-year FHA loan of $490,943.75 ($482,500 base loan amount, plus 1.75% UFMIP) at 3.375% interest rate will have an APR of 4.379% and 360 monthly principal and interest payments of $2,170.44; this does not include amounts for taxes, insurance, nor mortgage insurance** (actual payments will be greater).

*APR = Annual Percentage Rate. The APR is the cost of credit over the term of the loan expressed as an annual rate.

**FHA loans require UFMIP at loan consummation, and generally require monthly MIP for the term of the loan.

All loan terms are subject to credit approval and FHA loan program/eligibility requirements (applicants may be offered credit at higher rates and an FHA loan may not be available to all applicants as set forth by FHA guidelines). Your rate and payment may differ depending on various factors. FHA, State, and/or County lending limits may also apply. Please contact a Bethpage loan officer for more information and to discuss how we may help with your specific lending needs.

Bethpage does not offer residential mortgage loans in Texas. To obtain a loan, membership at Bethpage is required by opening a $5.00 savings account at or prior to loan consummation. Rates, loan programs, terms, and conditions are subject to change without notice. Other restrictions and limitations apply.

Bethpage is not acting on behalf of or at the direction of HUD/FHA or the Federal government.