Florida FHA Loans
FHA loans are a popular choice for many reasons. The lower down payment requirement and fixed interest rate make it appealing for many first time buyers or those who are on a tighter home buying budget. However, an FHA loan may not be the best choice for everyone. Talk to one of our experienced loan officers today to explore FHA loans as well as other options and see if this home financing program suits your specific needs.
Contact us today at (813) 863-9464 or request a no obligation rate quote.
Why Consider a FHA Mortgage?
FHA loans can be a good, low down payment alternative to conventional mortgages which often require 5-20% down. If coming up with a large down payment is the only thing holding you back from buying a home, an FHA loan could be the best solution.
More Lenient Requirements
FHA borrowers may be able to qualify with less than perfect credit. Furthermore, FHA loans carry less restrictive guidelines when compared to many other conventional loans.
Because FHA loans are backed by the Federal Housing Administration, lenders like us are able to offer the loans at competitively low rates.
If you already have an FHA loan on your home and are ready to consider refinancing, our FHA streamline refinancing solutions may help reduce some of the costs associated with refinancing a mortgage. Not to mention there is considerably less paperwork required and the turnaround time is generally much less than with a typical refinance.
Higher Cash-Out Limits
Take advantage of cashing out some of the equity in your home to help pay for other financial obligations. FHA loans can have a higher cash-out loan-to-value threshold than many other mortgage products.
If you’re purchasing a home that could use some improvements, an FHA 203K loan can help. With this loan program, borrowers can take advantage of all the benefits associated with an FHA loan, plus use it to finance the cost of certain repairs. Essentially, the program acts as two loans in one, eliminating the need for borrowers to take out a more costly second mortgage or Home Equity Line of Credit (HELOC) for repairs.