Orlando FHA Loans

Right now is a perfect time to apply for FHA loans in Orlando, Florida. The Federal Housing Administration (FHA) has been making the loan process simple and affordable for over seventy years. Since it began in 1934, millions of Americans have taken advantage of the home loan program and made homeownership a reality. Today the program is still going strong and helping more families than ever before. Here are a few different types of loans currently available through the FHA.

Standard FHA Loan

If you have a house that is a one to four-unit property that does not need repairs, you will do well with a standard FHA loan. This mortgage only requires 3.5% for a down payment, which compared to the 20% found with conventional loans, makes the upfront cost of homeownership incredibly affordable. You will also get to take advantage of low interest rates, won’t have to pay private mortgage insurance and can opt for streamline refinancing in the future.

203(k) Mortgage

If you have a house that needs a lot of repairs, you can apply for a 203(k) mortgage. This mortgage rolls the cost of acquisition, repairs and final value of the home into one nice loan. This is much more affordable than conventional mortgages which would require you to take out three separate, high interest, low amortization loans in order to complete the work.

Energy Efficiency Mortgage

The Energy Efficiency Mortgage (EEM) was designed for people who are interested in upgrading features of the house to be more energy efficient. With an EEM, the cost of the house plus all upgrades is included in the new loan. These upgrades can be anything from installing solar roof panels to buying new, low-energy appliances.

Finding a Lender

When looking around for a lender, you have the option to go through a mortgage company, savings and loans association or a bank. The only requisite is that the lending institution is approved by the FHA. You might also want to look into getting pre-approved first so that you know how big of a house you’ll be able to afford.

Get Started Today!

Getting pre-approved for an Orlando FHA loan has never been easier than today. Take a minute to fill in our secure online form and we’ll have you pre-approved instantly for free!

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