First Time Home Buyer Program | FHA Home Loan Florida

Understanding FHA Mortgages

With the sub prime mortgage crisis in the books, many people have been scared away from buying
property. They think that now is not a good time to get into the market or they think that no one is lending.
Both of these assertions are false as you can probably qualify for FHA loan programs. One of the more
popular programs that FHA has is the 203 FHA Loan. What exactly is the 203 FHA Loan and what good
can it do you? Let's look at that topic a little more in depth.

FHA doesn't actually lend directly to anyone. You're still going to be working with a bank or mortgage
lender to obtain the FHA loan. The main difference between an FHA loan and a conventional loan is that
the FHA loan is insured. FHA takes on the risk for the lender in case you default. This makes you much
more attractive as a buyer to the banks than you were before. Imagine what a bank would think if you
represented virtually no risk to them. They would lend to you all day long. This doesn't mean that every
single person will qualify for FHA loan programs. You still have to have decent credit and sufficient income
to pay for the loan.

The popular 203 FHA Loan is designed to be a rehab loan. This means that you can use it to buy old,
broken down houses that need some help. You can then fix them up with money from the loan and rent
them or sell them. The purpose of the 203 FHA Loan is to revitalize some of the older neighborhoods in
the country. FHA places a big priority on this type of loan and is one of the best loans out there.

First time home buyers can also qualify for FHA loan programs. This is a great tool for first time home
buyers because it will enable them to find a great deal on a house with lower closing costs, and a lower
monthly payment. If you're in the market for the first time, this is something that you should seriously
consider. You can get a great house and fix it up while creating instant equity.

In order to qualify for FHA loan programs, you'll need a minimum credit score of 620. This is a pretty
good score, so you'll have to make sure that your credit is good. It might be a good idea to check out your
credit report before applying for any loans. You can also get a good idea of what interest rates are
available by checking online. You can even apply for some of the FHA loans online from the comfort of
your home.

FHA loans are a great tool for first time home buyers and repeat buyers alike. They can give you a lot of
options that conventional loans can't provide. If you're in the market for a house, check out these programs
as soon as possible. There's only one way to see if you qualify for FHA loan programs.

FHA home loans are insured by the Federal Housing Administration. Although FHA mortgage rates
may typically be higher than conventional loans, FHA mortgages offer many advantages. FHA loans are
extremely attractive because they allow prepayments without penalty and feature low down payments
(about 3 percent or less compared with 20 percent down for a conventional loan). FHA interest rates are
established in the marketplace and not by federal regulation

The Federal Housing Administration (FHA) has been helping borrowers realize the American dream of
affordable Home Ownership since 1934. FHA financing advantages include:

Low Down Payment: as little as 3.5%
Flexible Credit Guidelines: generally easier to qualify than with conventional home financing
Competitive Mortgage Rates
Down Payment Assistance: the down payment for your FHA loan can come from a gift, and
reserves are not an automatic requirement.

FHA is one of the few remaining programs that will allow up to 95% cash out on a refinance and will lend in
declining markets without an automatic reduction in loan-to- value*.

FHA insures single & multi family (up to 4 unit) homes, condominiums and manufactured housing**.
Financing options include traditional fixed rate products, adjustable rate mortgages and temporary
interest rate buy-downs.

Best of all, your loan is insured by FHA which gives lenders greater flexibility with our lending guidelines

*Appraisal must support mortgage loan-to-value.

**Must be on permanent foundation.
Fill in the contact form if you are interested in an FHA Home Loan in the State of Florida


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