Coral Springs FHA Loans

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Coral Springs FHA mortgage loans allow clients to obtain an easy loan for your home. The federal government insures these mortgage loans through the Federal Housing Administration (FHA) to ensure home owners to obtain mortgage loans with limited requirements and to provide security to the mortgage lender. If an individual doesn’t pay his commitments, the mortgage insurance covers the loss of the banks.

Benefits of Coral Springs FHA Mortgages

With a low down payment of about 3.5% and its easy terms of borrowing, Coral Springs FHA mortgage loans become a viable option for first home buyers in today’s market. Even people with below average credit scores can simply choose a Coral Springs FHA loan.

Negatives Features of a Coral Springs FHA Mortgage Loan

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

Guidelines to Get Qualified for an FHA Home Mortgage

In order to qualify for a Coral Springs FHA mortgage, you need to be a legal citizen of the U.S. with a steady job. Moreover, as the FHA department only approves selected banks for their loan insurance, you can’t apply for a Coral Springs FHA loan from every mortgage lender. Even after you find the perfect loan from every mortgage lender, an FHA loan is only acceptable if the home you are requesting to purchase has been approved by the FHA department.

Maximum Loan Amounts of a Coral Springs FHA Home Loan

The maximum limits of the home mortgage loan amount vary from state to state and county to county, however, the standard max loan amount is approximately $625,000.

How to Obtain a Coral Springs FHA Home Mortgage Loan?

If you wish to obtain a Coral Springs FHA home loan, contact us at the First Nationwide Lending, where we can provide you with more information regarding these 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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