Florida FHA Loans

Right now is a great time to buy a new house in Florida with an FHA loan. The Federal Housing Administration (FHA) has been helping Americans afford new homes for over seventy years. Today, the FHA home loan program is stronger and more expansive than ever. By insuring privately issued loans, lenders are willing to pass on great benefits to you as a borrower. These benefits include:

Low Down Payment

With an FHA insured loan, you can qualify for up to 96.5% financing on your home. This means you are only responsible for the low down payment of 3.5% on the house. Plus, this money can come from any source whether it is from your employer or another program like the American Dream Down payment Initiative (ADDI). This is hugely beneficial to all Americans, especially those who cannot afford to pay the hefty down payment associated with conventional loans.

No Insurance

The FHA does not issue any money itself. What the FHA does is insure your privately issued loan, making you a much more secure borrower. Because of this, you will be able to take advantage of the low down payment feature and not have to make up for the risk with any additional private mortgage insurance (PMI).

Keep your Home

The FHA benefits from you keeping your home, which is why they have created programs to help you if you run into problems making payments. There are two programs currently available: FHASecure and HOPE for Homeowners. Both of these plans allow homeowners to refinance their mortgages in order to avoid foreclosure. Even if you have already defaulted on a couple payments, you’ll still be able to refinance in order to get yourself back on track.

Getting Started

Before you even begin your house hunt, you should consider getting pre-qualified for a loan. Even though a pre-approval does not necessarily guarantee the loan, it will give you an indication of how much you’ll be able to borrow. You will also know if you meet the lender’s requirements for an FHA loan.

If you are interested in finding more out about Florida FHA loans, take a minute to contact us. We will be happy to assist you and get you pre-approved instantly for free.

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