Why Should I Consider an FHA Home loan to purchase a home?
FHA home loan Florida, FHA Mortgage Florida, Florida home loan,
Why Should I Consider an FHA Home loan to purchase a home?
Purchasing a Florida home is one of life’s major landmarks and for some, it is even a dream come true. Securing an FHA mortgage is the most important piece of the Florida home loan puzzle.
The FHA loan program was created to help increase homeownership. The FHA home loan makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:
Other FHA loan Advantages Include:
Minimal Down Payment and Closing Costs.
- Down payment less than 3.5% of Sales Price
- Gift for down payment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score of 540.
- FHA will allow a home purchase 2 years after a Bankruptcy.
- FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher Debt Ratio’s than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
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Homeowners enjoy the benefits of investing in their Florida home year after year. For some, there comes a time when that investment can come in handy. Refinancing your home loan with FHA can prove to be an effective way to put that equity in your Florida home to work.
Florida has FHA loan limits these FHA loan limits were established to define how much you can borrow for FHA home loan. Each state has different FHA loan limits, so be sure to look up your state to understand what is available for your FHA home loan.FHA home loans are easier and less expensive than other home loan programs.
