An FHA purchase loan in Bradenton Florida gives you benefits that you can’t with other conventional loans. The main one is the competitive low interest rates. Rates have not been this low in 50 years, and the average FHA rate is comprable if not lower than conventional loans. The rates are lower because the government insures these loans for lenders.
FHA loans in Florida also give you the option of a lower down payment, being as low as 3.5% down, versus a conventional loan which requires a minimum of 10% down or more. Your down payment can be the result of gifted funds from a family member or friend, or even a charitable organization. With a conventional loan, everything must be verified which can make for a hectic paper trail.
In addition, you don’t have to be perfect to get an FHA loan in Florida. While you still have to qualify you won’t have to have perfect credit. In fact, it is easier for you to qualify after having had a bankruptcy in your past or even medical collections. Don’t let that deter you from applying for a loan, and if you don’t qualify I will tell you why so that you know what steps you need to take in order to do so. FHA structures their guidelines so that it uses commonsense underwriting guidelines.
What Types of Purchase Loans are Available?
Almost all FHA purchase loans in Florida are fixed rate mortgages, so your rate will never ever change during the life of your loan. FHA has a long history in fact they have been around since 1934, so they are in this for the long haul. It’s nice to know that if you come upon hard times, that there is assistance with FHA. Hopefully, that is something that you will never encounter, but FHA makes those options available for you just in case.
What are the Steps for an FHA Purchase in Florida?
The most important step when considering an FHA Loan in Florida is to know how much you can afford. There is a very specific calculation that is used to compare your current gross income to your existing debts in order to determine the maximum loan amount that you qualify for. Determining what you can afford, will also be determined by your down payment and interest rate.
Trying to determine just how much you can get for a maximum loan amount may not be the wisest consideration, but you need to be realistic about the monthly payment that you are comfortable with. It is all about having a personal budget and if you don’t have that worked out it cause you a lot of problems. When you visit our website, you should really take the time to use our FHA mortgage calculator. That will show you what numbers to plug in so you can accurately determine what you qualify for. In addition, double check the county you live in for the FHA lending limits.
The next step is to get prequalified for an FHA Loan in Florida before you start shopping for a home. This is the essential step, and realtors won’t work with you until they know that you have a prequalification in hand. Once you have that, you can begin the process of searching through a wide array of homes. Then, once you have found one you are interested in you can make an offer.
For more information on FHA Loan In Florida, or to being your FHA purchase loan qualification in FL, just visit www.fhaforall.com, and fill out the form today. It only takes a few minutes to complete.