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 valid social security number is mandatory. Also, ensure that the applicant is legally the citizen of USA.

Florida Mortgage Loan
• Borrowers are required presenting at least 3.5 percent down payment against the loan to be borrowed.

• Make the property on which loan is to be taken your primary residence.

• Mandatory credit score is 580 minimum for putting 3.5 percent down payment or else the lower of the credit score will increase the percentage of down payment.

Looking for affordable FHA mortgage rates Florida?

Consult our professionals today. We facilitate loan acquisition through less stringent official requirements.


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