Jacksonville FHA Loans

If you are looking to relocate to Jacksonville, Florida, right now is the ideal time to apply for an FHA home loan. The Federal Housing Administration (FHA) is a part of the US Department of Housing and Urban Development (HUD) and together they have made the loan process much simpler and more affordable for those who qualify. Since the FHA was created in 1934, over a million Americans have taken advantage of the home loan program.

Advantages of FHA Loans

One of the major advantages of the FHA home loan program is the low down payment feature. Right now it is possible to procure a new loan in Jacksonville by only providing 3.5% for the down payment. This is much more affordable than the 20% you might be expected to pay for a conventional loan. Plus, the money for the down payment can come from anywhere. The FHA does not mind whether you have a friend, employer or organization like the American Dream Down payment Initiative (ADDI) provide the money for the down payment.

Additional Benefits

While it is possible to find conventional loans with a 5% down payment, the lender will often make up for the risk by raising the interest rate and requiring private mortgage insurance (PMI) on the loan. With an FHA loan, you are insured by the Federal Government, making it unnecessary to purchase PMI. Plus, as a federally insured borrower you will get to take advantage of really competitive interest rates. The other benefits of Jacksonville FHA loans include easy approval, simple refinancing and programs to help you avoid foreclosure.

Eligible Houses

One to four-unit houses that are priced under the county’s loan limits are eligible for FHA loans. If you have a house that needs to be rehabilitated, you can apply for a 203(k) mortgage which rolls the cost of the house, repairs and final value into one loan. There is also the Energy Efficiency Mortgage (EEM) which includes the cost of the house plus any energy efficiency upgrades into one loan. Be sure to discuss each plan with your lender to find the right fit.

Get Pre-approved Today!

Take a minute to fill out our online form to get your instant pre-approval. The process is free, secure and has absolutely no obligation.

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