An fha mortgage in florida is a great option if you’re considering buying a home or property in the sunshine state and you want a great interest rate. With a down payment minimum of as little as 3.5%, even if you have a lower credit score, you can still get a home loan through the federal housing administration! Here’s how it works:what is an fha loan in florida and how does it work?
Simply put, an fha loan is an insurance policy that guarantees you’ll be able to make a minimum interest payment. While a traditional loan requires you to make a certain minimum monthly payment, an fha loan gives you some wiggle room. When you apply for the loan, the loan underwriter will look at your income and credit history, then credit score, to determine if you meet the minimum interest requirement. If you do, then an fha loan will be the lowest you can get. The minimum payment for an fha loan is only 2.5% and you have some flexibility with the interest rate on the loan.what are the benefits of having an fha loan in florida?
The main benefit of an fha loan is that it covers mortgages on first and second homes in florida. You also qualify for the 40% down payment, even if your credit score is below 620. There is also no mortgage insurance required (mip), so you can qualify for a loan as low as $6,000.the short answer is: it’s easy to get approved. Once you meet the basic requirements of the program, you will have the ability to apply for an fha loan in florida. At lbc mortgage, we specialize in helping prospective florida homeowners get approved for fha loans. We’re ready to work with you to help you take the next step!
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