Coral Gables FHA Loans

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Coral Gables Florida FHA home mortgage loans permit you to obtain an easy home mortgage loan for your home. The US federal government insures these home mortgage loans through the Federal Housing Administration (FHA) to enable home owners to obtain home mortgage loans on relaxed conditions and to provide security to the mortgage banker. If a borrower defaults on his payments, the government insurance covers the loss of the mortgage lenders.

Advantages of Coral Gables FHA Home Loans

With a minimal down payment of just 3.5% and its assumable terms of borrowing, Coral Gables FHA home mortgage loans become one of the best options for FTHB today. Even borrowers with below average credit scores can simply opt for a Coral Gables FHA home mortgage loan.

Negatives Features of a Coral Gables FHA Home Mortgage Loan

With the benefits of easy access comes the negatives that you have to pay a little more on your monthly home mortgage loan payments to make up for the Mortgage Insurance.

Requirements to Get Approved for an FHA Home Mortgage Loan

To ensure you qualify for a Coral Gables FHA home mortgage, you need to be a legal citizen of the U.S. with a steady job. Moreover, as the FHA only approves selected mortgage lenders for their home mortgage loan insurance, you can not apply for a Coral Gables FHA home mortgage loan from every mortgage banker. Even after you locate the best home mortgage loan from every mortgage banker, an FHA home mortgage loan is only sanctioned if the property you wish to buy has been authorized by the FHA department.

Maximum Loan Amounts of a Coral Gables FHA Home Loan

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

How to Get a Coral Gables FHA Mortgage Loan?

If you wish to obtain a Coral Gables FHA 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 simplify the process of buying your new home.

 

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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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