Florida FHA Mortgage – Check Out the F.H.A.’s Rules
The Federal Housing Administration used to be known as a place for Florida borrowers with tarnished credit histories. But now, it has become a destination for Florida borrowers whose credentials are respectable, but not stellar. qualify for the best interest rates on a new or refinanced mortgage, you need to have a top-notch credit score and a substantial down payment or home equity. But if you have less than perfect credit and less than 20 percent in home equity, an important threshold, you’ll have to pay a lot more. And that’s why many of those Florida borrowers are turning to the F.H.A.
The F.H.A. requires down payments of only 3.5 percent and has less stringent credit requirements than conventional mortgages backed by Fannie Mae and Freddie Mac, the two government-controlled mortgage finance companies. F.H.A. mortgages also have become one of the least expensive alternatives for new mortgages and refinancing, given the increase in fees tacked onto traditional loans.
“Just about any Florida buyer that is putting down less than 20 percent needs to consider F.H.A. financing,” said Thomas Martin , executive vice president of FHAmortgagePrograms.com. “That doesn’t mean they need to take it, but they should consider it.” Continue reading ‘Florida FHA Mortgage – Check Out the F.H.A.’s Rules, Florida FHA Mortgage’ »