Low down payment home loans are becoming very limited for Florida homebuyers today. One bright light in these desperate times is coming from the Federal Housing Administration. Starting out from the ashes of the Great Depression in the 1930’s, its primary function was to provide insurance for lenders. Private mortgage insurance entities joined up soon after as they also saw the security in the insurance provided by the FHA.
This consequently led to the popularity of the FHA mortgage program as first-time home buyers were finally given the opportunity to own a home where they normally couldn’t with conventional down payments. Perhaps the best thing about the whole program is the fact that borrowers do not need to have a clean credit record. Even those records that have a little blemish here and there in general
There is no question about it. The FHA loan program is on the up and up these days. Here are a few highlights of the program.
- The FHA enjoys the backing of the U.S. government.
- FHA home loans are a low fixed rate mortgage.
- FHA is insured by the U.S. government.
- Eighty percent of FHA insured loans are made to first time buyers.
- Conforming or conventional single-family loans made to first-time buyers is at 33%.
- Home buyers can opt to lower down payment requirements. Current min down payment is 3.5%
- FHA is the ONLY entity in this industry that do not require borrowers to have a clean or unblemished credit record. Generally a min 620 credit score is required.
- The FHA has provided homes to over 35 million Americans since it started out in 1934.
- FHA loan borrowers’ fees fully cover mortgage insurance, therefore, taxpayers don’t pay anything for it.
There are quite a few more good points about the FHA such as its different programs designed to offer Florida home buyers some good loan options. There is also the FHA Streamline refinance for homeowners that are upside down on their mortgage and have maintained a good payment history.
FHA Mortgage Source is Florida’s leading FHA loan resource, serving home buyers 7 days a week. Please call us at ph: 800-743-7556 or submit the quick Info Request Form on this page.
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