FHA mortgage loans remain one of the most popular financing options in 2020 for Florida first time home buyers. This is greatly due to the minimum 3.5% down payment FHA loans require. Government-backed FHA-insured loans offer many benefits and protections that you will not find in other loans including:
Low cost: FHA loans have competitive interest rates because the Federal government insures the loans for banks and lenders.
Smaller down payment: Florida FHA loans have a low 3.5% down payment requirement and the money can come from a family member, in the form of a gift.
Easier qualification: Because FHA insures your mortgage, lenders and banks are generally more willing to give you loan terms that make it easier for you to qualify.
Fix Rate Terms: FHA allows up to 30 years at low fixed rates. This provides homebuyers security in knowing their monthly mortgage payment will remain the same.
It’s important to understand that FHA does not lend people money for a home and it does not set the terms and interest rates. Instead
FHA insures loans for lenders against defaults. The FHA mortgage program is offered by FHA approved lenders and banks.
Documentation required for FHA Pre-Approval 2020
- Primary and Co-Borrower income and full two year work history. Tax returns and / or W2’s
- Asset account balances including checking, savings and retirement (401K, IRA) accounts
- Primary and Co-Borrower Social Security Numbers for Credit Report, plus copy of ID.
- Past two year residence history and acceptable verification of rent.
FHA Mortgage Source is Florida’s leading FHA loan resource, serving you 7 days a week. Please call us at ph: 800-743-7556 or submit the quick Info Request Form on the website
Homebuyers looking to purchase a home in more rural locations of Clay and St Johns County FL can also learn about the 100% USDA Mortgage.
Serving all of Clay & St.Johns County Florida including – Green Cove Springs, Keystone Heights, Middleburg, Orange Park, Penney Farms. Crescent Beach, Elkton, Fort Matanzas, Fruit Cove, Hastings, Orangedale, Palm Valley, Ponte Vedra, Ponte Vedra Beach, St. Augustine, St. Augustine Beach, Switzerland, Vilano Beach, Updated 2016