FHA insured mortgages offer many benefits and protections that only come with FHA:
Easier to Qualify: Because FHA insures your Florida mortgage, lenders are more willing to give you loan terms that make it easier for you to qualify.
Less than Perfect Credit: You don’t have to have a perfect credit score to get an FHA mortgage. In fact, FHA has No Minimum credit score Requirement even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an Florida FHA loan than a conventional loan.
Low Down Payment: FHA loans have a low 3.5% downpayment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don’t allow this.
Costs Less: FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.
Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your Florida home and avoid foreclosure. (more…)
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.” (more…)
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. (more…)
