Review These 3 Things Before Buying A Home! 

1. How Much Do I Have To Put Down?

Your minimum required investment on an FHA Loan in Florida is 3.5% of the purchase price of the property. The payment must come from your own funds or from an acceptable gift.

2. What Is The Minimum Credit Score Required For An FHA Loan In Florida?

A credit report is mandatory with a score of at least 620 for an FHA Loan in Florida. Depending on your credit, sometimes borrowers may qualify with lower scores such as 580. In some instances, the borrower may not have any credit scores, and the FHA will consider approval as long as the primary buyer meets the minimum credit score requirements. You will also need more than 50% of the qualifying income with a minimum of 3 trade-lines active for last 24 months.

3. How Much Can I Borrow For A FHA Loan In Florida?

The maximum FHA loan amount can vary by county throughout the state of Florida. In fact, the current limit for a FHA loan in most Florida counties for a one-family home is currently set at $294,515.00.

Your #1 FHA Loan Provider in Florida

NSH Mortgage is the leading FHA Loan specialist in Florida! Steve Hays and the team at NSH Mortgage has over 25 years of experience, and has obtained FHA Loan and approvals for thousands of clients. NSH Mortgage focuses on each individual client, to make sure that they get approved fast, with the lowest mortgage rate, and for the best home loan that fits their needs in the state of Florida!

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Low Mortgage Rates                                     Expert Advice                                 Fast Approvals

FHA Loans in Florida can seem confusing at times, and with rates fluctuating by the minute, the best thing to do is speak to a mortgage professional today! NSH Mortgage will guide you through the process, and answer all of your FHA Loan related questions, and assure you of a 5-star customer experience!

You can see what some of our clients have said about NSH Mortgage FHA Loans in Florida!

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FHA Loan in Florida | NSH Mortgage Lender Low Downpayment Mortgage

FHA Loan in Florida

If you are looking to purchase a home, or refinance with a low down payment. As a matter of fact, a FHA Loan may be the perfect fit for you that the Federal Housing Administration has to offer. Loans backed by the FHA insure you a loan so that a Florida mortgage broker, such as NSH Mortgage, can offer other loan products. NSH Mortgage offers a FHA Loan in Florida, that allows our home buyers a government-backed, low down payment, and easy refinance mortgage on their home.  

NSH Mortgage works hard to make home ownership possible for responsible borrowers. For instance, with an FHA Loan from NSH Mortgage, you will benefit from less stringent qualification requirements, your choice of a fixed-rate or ARM product, and the security that comes with a government-insured loan. If a low down payment, easier qualification loan is for you, contact NSH Mortgage today at 800-360-3813.

 

Advantages of A FHA Loan in Florida

There are many advantages of choosing an FHA Loan over the rest of the mortgage options. It represents lower rates of over 0.25 percent, or more depending on your credit scores. The loan also allows as little as a 3.5 percent down payment on your new mortgage. This is a great mortgage option for first time home buyers, and high school and college graduates with new jobs. Being able to put little money down on a home can help you get your feet off the ground. Moreover, working at paying off the larger principle down the road.

The FHA home loan is part of the Federal Housing Administration, which was born in 1934 as part of the U.S. Department of Housing and Urban Development. It was originally a promotion to help a low depression housing market. The administration has helped not only home owners, but also brokers, as they have allowed them to provide more mortgages to consumers than ever before.

 

Put Only 3.5 Percent Down on A Mortgage

The FHA Mortgage Rates allows a homeowner to only put 3.5% down on their home loan. Furthermore, they are able to only put $3,500 down for every $100,000 they borrow. That is extremely beneficial in comparison to a conventional loan that requires a 20 percent down. In fact, the only other alternative to 20 percent is to take upon mortgage insurance premiums. Putting down a large amount of cash and paying premiums on top of that is never a good situation. By using a FHA loan from the Federal Housing Administration, you can avoid those fees and save more money overtime.

In today’s current mortgage market, there is no program that allows anywhere close to a similar small down payment. There are other programs that allow no-money down payments such as the VA home loan, and the 100% financed USDA home loan. These programs though, carry a secondary eligibility, which restricts standard citizens from applying for them. The VA Loan only allows veterans and sometimes spouses with the opportunity to get the approval of getting a VA loan.

 

The FHA Loan Provides Over 34 Million Homeowners with A Home Loan

The FHA loan insures mortgage brokers against loss, which allows them to put out more mortgages than conventional loan types. The current mortgage rates do not entirely represent FHA mortgage rates. Instead they are brought upon through a formula presented by mortgage-backed securities.

An advantage to the FHA home loan is that it is assumable by future buyers. For this reason, the current mortgage rate of 3.5% is sold with the mortgage to the new home buyer. Allowing the new home buyer to keep the same rate, which may be potentially less than current market rates with these predictions.

 

Refinancing an FHA Loan: FHA Streamline Refinance

  • There are absolutely no closing costs.
  • No full credit report review. The only qualification is a timely mortgage history.
  • No appraisal. It is OK even if property values have gone down.
  • No income verification. Little increase in your loan balance. Preserve your equity.
  • Skip a mortgage payment.
  • FHA home loans offer flexible credit solutions and down payments. The are available for first time home-buyers, past-foreclosure victims, and current homeowners. Contact NSH Mortgage today to find out if the FHA loan is for you!