Doral FHA Loans

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Doral FHA home mortgages allow borrowers to obtain an easy mortgage loan for your house. The US federal government insures these home mortgages through the Federal Housing Administration (FHA) to enable home owners to obtain home mortgages with limited requirements and to provide security to the bank. If an FHA mortgagor does not make his payments, the government insurance covers the loss of the mortgage lenders.

Benefits of Doral FHA Mortgages

With a minimal down payment of only 3.5% and its assumable terms of borrowing, Doral FHA home mortgages become a viable option for first home buyers in today’s market. Even clients with less than perfect credit history can simply select a Doral FHA mortgage loan.

Drawbacks of a Doral FHA Home Mortgage Loan

However with the benefits of easy access comes the negatives that you have to pay a little more on your monthly mortgage loan payments to cover the Mortgage Insurance Premium (MIP).

Requirements to Get Qualified for an FHA Mortgage

In order to qualify for a Doral FHA home mortgage, you need to be a legal citizen of the Unites States with a steady job. Moreover, as the FHA department only accepts selected mortgage lenders for their mortgage loan insurance, you can not process a loan application for a Doral FHA mortgage loan from every bank. Even after you find the right mortgage loan from every bank, an FHA mortgage loan is only sanctioned if the property you wish to buy has been authorized by the Federal Housing Administration.

Extent of a Doral FHA Home Mortgage

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

How to Get a Doral FHA Mortgage Loan?

If you wish to get a Doral FHA home loan, contact First Nationwide Lending, where we can provide you with more information regarding these home mortgages and clarify your query to simplify 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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