Why chose a Florida FHA mortgage?
The Florida FHA loan has come as a boon to majority of first time homebuyers. The Florida FHA loan program offers several benefits, keeping in mind the budget constraints of most homeowners who are interested in buying their very first home. Compared to most conventional mortgage loans, the FHA loan facilitates the buying process for the applicant. Also the FHA loan involves a very low down payment, which makes it easier for homeowners to meet their budget constraints. Moreover, pretty much anyone despite a bad credit score or immigrant status can take advantage of this Government backed loan program.
- Fixed rate property loans – One of the biggest advantages of availing of the Florida FHA loan is the provision of paying a fixed rate of interest. Compared to other traditional loans where the interests vary, the interest rate remains the same for the entire course of the loan. This period is usually for about 30 years. Due to this provision the borrower can plan out his fixed monthly installment in advance.
- Minimal charges – the Federal government insures the Florida FHA loan, the borrower or applicant incurs very minimal charges during the process.
- Easy to qualify – Qualifying for a Florida FHA loan is one of the simplest. Since it is the FHA that insures your house loan, the lending companies are very flexible and make it easy for anyone to avail of this unique loan facility. The main components of qualifying are credit and income/employment.
- Adjustable Rate Option – The FHA loan came into being keeping in mind the tight budget constraints of first time homeowners. For this reasons the FHA has an adjustable rate house loan, which entails a very low monthly payment and curiosity rate.
Apart from the benefits listed above, the FHA entails a very low cash down payment, which is currently 3.5%. There are no cash reserves required either compared to most conventional loan programs, which make the Florida FHA mortgage loan a very enticing option for Florida first time homeowners.
Questions? Please call us at 800-743-7556 or just submit the quick request form on the right side of your screen >
FHA Mortgage Source is Florida’s FHA home loan leader. Serving all of Florida 7 days a week including Jacksonville FL, Orlando FL and Tampa FL, www.fhamortgagesource.com
If you are located in a more rural location in Florida, please check into the 100% USDA Mortgage here at www.UsdaMortgageSource.com