Miami, Ft. Lauderdale and Hollywood FHA Loans

If you are considering purchasing a new home in Miami, Ft. Lauderdale or Hollywood in Florida, you will definitely want to apply for an FHA loan. The Federal Housing Administration (FHA) has been making the loan process easy and affordable for over seventy years. It has done this by extending great benefits like low down payments and low interest rates to those who qualify. Today the loan process is simpler and more inexpensive than ever. Here are a few different types of loans currently available through the FHA.

FHA Loan

If you are looking to buy a new house that does not need any work done to it, you’ll want to apply for a standard FHA loan. With this loan you will only have to supply a 3.5% down payment on the property and will get to take advantage of low interest rates. Plus, you won’t have to purchase expensive private mortgage insurance (PMI) because you will already be insured by the Federal Government. The other benefits of this type of loan include easy approval, simple refinancing and individual repayment plans.

203(k) Mortgage

For those people who want to rehabilitate a house, there is the 203(k) mortgage. If you were to rehabilitate a home with a conventional mortgage, you would be required to take out three separate loans for the acquisition, repairs and final value of the house. These loans typically have very high interest rates and low amortizations. The 203(k) rolls the cost of all three loans into one mortgage, making the home repair process much more streamlined.

Energy Efficiency Mortgage

The Energy Efficiency Mortgage (EEM) was designed for people who want to make upgrades to the house. These upgrades can be anything from installing solar panels to weather proofing the house to buying low-energy appliances. Basically anything that makes the house more energy efficient will be eligible for this loan.

Where to Start

You can get started on the loan process today by getting pre-approved for free. Take a minute to fill out our online FHA home loan form and we’ll get you started immediately. The form is free, fast and has zero obligation. Getting pre-approved for a new home loan in Florida has never been easier!

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