Saturday, November 26, 2016

Florida FHA Mortgage Lenders- What is an FHA Mortgage?

Florida FHA Mortgage Lenders- What is an FHA Mortgage?
An FHA insured loan (Federal Housing Administration) is a loan backed by the U.S. Department of Housing and Urban Development (HUD) for first time home buyers in Florida. FHA Mortgage loans are a viable option for many Florida first time home buyers, and could even provide more options than a conventional loan. It is not a government loan – the first time Florida home buyer still repays the loan with their own funds.
FHA Mortgages are a good fit for a Florida homebuyer if:
·         You are a first-time home buyer.
·         You have a less than ideal debt-to-income ratio.
·         You have less than perfect credit.
Why are Florida FHA Mortgages so accessible?
For a Florida first time home buyer, a FHA Mortgage makes it easier for Florida residents to qualify because the government guarantees the loan making it less risky for the lender and therefore easier to approve. However, each lender has set standards that they adhere to, which may differ from lender to lender. There are no income limits like a first time home buyer program, but you will need to have enough income to prove you can repay the loan. FHA Mortgages are more likely than a first time home buyer program to accept lower credit scores.
However, FHA insures the loan for the Florida FHA mortgage lender for offering the loan with such a low down payment. The insurance is provided only to individuals who are first time home buyers, and approved by HUD through a fixed set of regulations and guidelines. FloridaLending.com is FHA approved by HUD to offer first time home buyers in Florida their first home loan.
Florida First-Time Homebuyers Common Concerns
FHA mortgage Programs.com  understand that purchasing your first home in Florida can be a daunting process. However, a FHA first time home buyer loan makes home ownership more accessible. As a first time home buyer in Florida, FHA mortgage Programs.com can help you obtain a new mortgage for as little as 3.5 percent of the purchase price down as long as you meet the minimum credit score.
Below we’ve addressed some common concerns among first-time home buyers.
Will I meet the Florida FHA Mortgage requirements?
An FHA Mortgage can be approved even if you have a less than ideal credit score, have declared bankruptcy, or require a co-signer. The first time FHA home buyer program is a flexible option for any Florida resident, but just keep in mind that a home appraiser must qualify your desired home to meet certain criteria.
What are my Florida FHA mortgage options?
The first time home buyer program in Florida can help residents afford the new home of their dreams. Depending on the type of work, an FHA home loan also is available to finance cosmetic home renovations.
Florida FHA Mortgages can apply to:
·         A new home purchase for first time home buyers in Florida.
·         Home improvement projects up to $35,000, according to the FHA 203K Loan guidelines.
·         First time home buyers looking for alternatives to multifamily homes such as a duplex, tri-plex, or a four-plex.
But I still don’t know if I will qualify for a Florida FHA Mortgage.

US Mortgage Lenders offers various options to Florida FHA Mortgage applicants because we understand not everyone has the same circumstances and will qualify for a conventional loan. That’s why here at FloridaLending.com we want to work with you to discover all your options and get you into the Florida home of your dreams as soon as possible. Contact us today by simply filling out the form to the right. You can also call us and speak to one of our qualified mortgage specialists. We think you will be pleasantly surprised at the news you receive.

FLORIDA FHA MORTGAGE LENDERS


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