Fixed-Rate Mortgages
The fixed-rate mortgage is a popular home loan option for a reason.
If you want lower monthly payments and the comfort of a fixed interest rate, check out fixed-rate mortgage.

Fixed-Rate Mortgage Requirements: What’s Needed to Get Started
1.
Minimum 620 Credit Score
First Alliance Home Mortgage requires a minimum credit score of 620 for fixed-rate loans.
2.
3% Down Payment
A fixed-rate mortgage requires a down payment of at least 3%.
3.
2% - 6% in Closing Costs
You’ll need 2% – 6% of the total purchase price to cover closing costs.
4.
Debt-to-Income Ratio < 50%
You’ll need a debt-to-income ratio (DTI) of no more than 50%.

Fixed-Rate Mortgage Benefits
Lower Monthly Payments
Your monthly payments will be lower because they’ll be spread out over a longer period.
Fixed Interest Rates
Your interest rate remains fixed for the life of the loan, so you don’t have to worry about rates going up.
Low Down Payment
You can get into a new home with a down payment as low as 3%.
No Prepayment Penalties
Want to pay off your mortgage early? No problem. You won’t get hit with prepayment penalties.
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Start My Approval!Fixed-Rate Options: Which mortgage works best for you?
Conventional Fixed-Rate
Conventional Fixed-Rate mortgages offer the peace of mind that comes with a fixed, lower monthly mortgage payment.
FHA Fixed-Rate
Fixed-Rate FHA loans offer the benefits of a fixed-rate to borowers with a credit score of 580 or higher.
VA Fixed-Rate
Fixed-Rate VA loans allow you to make lower monthly payments.