Margate FHA Loans

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Margate FHA mortgages allow borrowers to obtain an easy mortgage loan for your home. The United States federal government insures these mortgages through the Federal Housing Administration (FHA) to ensure homeowners to obtain mortgages with limited conditions and to provide security to the money lender. If an individual doesn’t pay his commitments, the mortgage insurance covers the loss of the money lenders.

Benefits} of Margate FHA Home Mortgage Loans

With a {minimal down payment of just 3.5% and its assumable terms of borrowing, Margate FHA mortgages are a viable option for first home buyers today. Even clients with less than perfect credit scores can easily opt for a Margate FHA mortgage loan.

Disadvantages of a Margate FHA Loan

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

Necessities to Qualify for an FHA Mortgage Loan

In order to qualify for a Margate FHA mortgage loan, you need to be a legal citizen of the Unites States with a steady job. In addition, as the FHA department only approves selected money lenders for their mortgage loan insurance, you can’t apply online for a Margate FHA mortgage loan from every money lender. Even after you find the best mortgage loan from every money lender, an FHA mortgage loan is only sanctioned if the house you are requesting to buy has been authorized by the department of Federal Housing Administration.

Extent of a Margate FHA Home Loan

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

How to Obtain a Margate FHA Mortgage Loan?

If you would like to request a Margate FHA mortgage loan, contact First Nationwide Lending, where we can provide you with more information regarding these 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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