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Federal Housing Administration Loans, commonly referred to as FHA loans, offer qualified buyers low-interest mortgage loans and a low down payment. With flexible terms and government backing, FHA loans are ideal for first-time home buyers or those who may not be approved for a traditional home mortgage. Many individuals or families in Florida have enjoyed the many advantages of the FHA loan program.
Advantages of FHA Loans
- Your Credit Does Not Have to be Perfect While some loans require a high credit score to qualify for low interest rates or a reasonable down payment, an FHA loan allows those with below-average credit, like first-time Florida home buyers or those who are self-employed, to purchase a home.
- Accommodating Income and Debt Requirements When applying for an FHA loan, any income level is accepted, as well as higher levels of debt. This makes it the best option for prospective homeowners who are repaying student loans, auto loans, or have a high credit card balance.
- A 3.5% Down Payment Because FHA loans are insured by the Federal Housing Administration, they offer more flexible mortgage terms. One major benefit is that the down payment required on an FHA loan is just 3.5% of the home’s purchase price, which is ideal for Florida residents who cannot currently finance a significant down payment.
- Assuming an FHA Loan Buyers have the option to assume the previous homeowners’ FHA loan. Therefore, if mortgage rates rise, the new owners would enjoy the low interest rate stipulated in the original FHA loan.
FHA Loans with Golden Oak Lending Florida
For first-time and qualified homeowners in Florida, Golden Oak Lending’s mortgage experts will find the best loan option that fits your unique financial needs. With growing competition in the Florida housing market, our loan officer’s expertise could be the crucial factor that secures you your first home. Call us today to find out whether an FHA loan is right for you.
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Conventional Home Loans
"I can cover a down payment and am looking for a fixed rate mortgage loan."
Mortgage Refinancing
"I currently own a home but would like to refinance my loan to improve my interest rate or adjust my mortgage terms."
Cash-Out Loans
"I currently own a home that has equity and would like to get cash out for updating my home or consolidating higher interest debt. (like credit cards)."
FHA Loans
"I am interested in putting the minimum payment down on a home."
Get Pre-Approved
"I am looking to purchase a home and would like to shop with confidence based upon what I can afford."
VA Loans
"I am currently serving or have served in the U.S. military and wish to purchase a home with flexibility on down payment, mortgage insurance and credit score."
Jumbo Loans
"I have excellent credit and am looking for a home loan option to help acquire a larger, more expensive home."
USDA Loans
"I am looking to purchase a home in a rural area."
Home Equity Loan
"I have equity in my current home and would like to use its equity for larger purchases, home renovations or paying down higher interest debt."
New Home Loans
"I would like to purchase a new home and would like to learn about my borrowing options."
