Consumer Guide - Understanding FHA Loan
What if you get an option of choosing a home loan at a low down payment for a credit score of just 580+? Federal Housing Administration (FHA) loan is an insured finance by FHA. It is useful especially for first time home buyers by allowing them to take out the loan at down payments of 3.5% for credit scores of 580+. This means if you don’t have a great credit score or money for a down payment, you can get FHA loan in Florida. Is FHA loan useful? FHA loan is a safe loan option for financially-stretched young people who live in a tug of war between making both ends meet and saving money for a down payment to purchase housing, the cost of which is skyrocketing these days. FHA loan rates Florida vary depending on the loan term, though they usually range from 3.14% to up to 4%. Tampa Florida mortgage rates also range around 4.11 percent. Eligibility for FHA loan • Salaried loan applicants must ensure validating their employment history for the past two years. Submission of a