Coral Gables FHA Loans

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Coral Gables Florida FHA home mortgage loans allow you to get an easy home loan for your property. The United States federal government insures these home mortgage loans through the FHA to ensure homeowners to get home mortgage loans with limited requirements and to provide security to the mortgage banker. If an FHA mortgagor misses his payments, the government insurance covers the loss of the banks.

Benefits of Coral Gables FHA Mortgages

With a limited down payment of only 3.5% and its assumable terms of borrowing, Coral Gables FHA home mortgage loans are one of the best options for FTHB in today’s market. Even people with less than perfect credit scores can easily opt for a Coral Gables FHA home loan.

Drawbacks of a Coral Gables FHA Home Loan

However with the benefits of easy access comes the drawbacks that you have to pay a little more on your monthly home loan payments to make up for the Mortgage Insurance Premium (MIP).

Guidelines to Qualify for an FHA Mortgage Loan

In order to qualify for a Coral Gables FHA mortgage, you must be a legal citizen of the Unites States with gainful employment. Moreover, as the FHA only approves selected banks for their home loan insurance, you can not process a loan application for a Coral Gables FHA home loan from every mortgage banker. Even after you locate the best home loan from every mortgage banker, an FHA home loan is only acceptable if the home you are requesting to buy has been approved by the Federal Housing Administration.

Extent of a Coral Gables FHA Mortgage Loan

The maximum limits of the loan amount vary in every state and county of the USA, however, the standard max home loan limit is approximately $625,000.

How to Obtain a Coral Gables FHA Home Loan?

If you would like to obtain a Coral Gables FHA mortgage loan, contact us at the First Nationwide Lending, where we can provide you with more information regarding these home mortgage loans and clarify your query to speed up the process of buying your new home.

 

Contact Us

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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