Lakeland FHA Loans

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Lakeland FHA mortgages allow clients to get an easy loan for your property. The US federal government insures these mortgages through the Federal Housing Administration (FHA) to enable homeowners to get mortgages with limited requirements and to provide security to the bank. If a borrower misses his payments, the MI covers the loss of the bankers.

Advantages of Lakeland FHA Home Mortgages

With a limited down payment of only 3.5% and its assumable terms of borrowing, Lakeland FHA mortgages become a viable option for first home buyers today. Even individuals with below average credit scores can simply choose a Lakeland FHA loan.

Drawbacks of a Lakeland FHA Home Mortgage

However with the benefits of easy access comes the drawbacks that you will have to pay a little more on your regular loan payments to make up for the MIP.

Requirements to Get Approved for an FHA Home Loan

In order to qualify for a Lakeland FHA mortgage loan, you must be a legal citizen of the USA with gainful employment. Moreover, as the FHA only accepts selected bankers for their loan insurance, you can’t apply for a Lakeland FHA loan from every bank. Even after you locate the best loan from every bank, an FHA loan is only acceptable if the house you are requesting to buy has been approved by the FHA department.

Maximum Loan Amounts of a Lakeland FHA Loan

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

How to Obtain a Lakeland FHA Loan?

If you would like to obtain a Lakeland FHA loan, contact us at the First Nationwide Lending, where we can provide you with more information regarding these mortgages 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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