FHA is the most successful government program in history, unless we count WWII!
Federal Housing Administration (FHA) loans are a superior value for homebuyers with low credit scores or savings and low or moderate-income levels. You can easily qualify for a mortgage with affordability and minimum requirements. The down payment is also comparatively lower than other loan programs. For instance, if you’re acquiring an FHA loan in Florida, the down payment 3.5% of the purchase price. In the case of a FHA lower credit score loan (below 580), homebuyers makes a 10% down-payment, plus closing costs.
At Monster Mike Mortgage, we share to help you understand FHA advantages compared to Conventional loans. FHA loan limits vary by each County. FHA loans are most suitable for first-time homebuyers and those with credit scores below 700. As a broker, we offer lowest cost of funds to pay closing costs for FHA loans with excellent credit.
FHAs’ 3.5% down-payment is financed, so you only need cash for closing costs. This unique program requires our Borrower(s) income to be below 160% of the county Median Income. A similar option is available for those with higher incomes, at MonsterMikes!
The terms for FHA loans vary depending on your county location, and only an experienced professional can guide you through the smooth process that suits your circumstances best . Due to the increasing demands of homebuyers across the United States, FHA loan limits in Florida change every year. The conditions are normally more convenient than before. We assist you with customized FHA loan solutions that accommodate your family and any unique situations. FHAs’ success ensures demand for Floridas’ new home builders sector, making our state economy more robust.