Margate FHA Loans

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Margate FHA loans allow you to get an easy home loan for your home. The federal government insures these loans via the FHA to ensure home owners to get loans on relaxed conditions and to provide security to the mortgage lender. If an FHA mortgagor does not make his payments, the government insurance covers the loss of the money lenders.

Advantages of Margate FHA Loans

With a limited down of about 3.5% and its easy terms of borrowing, Margate FHA loans become a viable option for first home buyers today. Even people with less than perfect credit scores can simply select a Margate FHA home loan.

Drawbacks of a Margate FHA Home Mortgage

With the benefits of easy access comes the disadvantages that you have to pay a little more on your monthly home loan payments to cover the MI.

Guidelines to Get Approved for an FHA Mortgage

In order to meet the requirements for a Margate FHA mortgage, you must be a legal citizen of the Unites States with gainful employment. Moreover, as the FHA department only approves selected money lenders for their home loan insurance, you can not process a loan application for a Margate FHA home loan from every mortgage lender. Even after you locate the perfect home loan from every mortgage lender, an FHA home loan is only acceptable if the home you wish to buy has been authorized by the Federal Housing Administration.

Maximum Loan Amounts of a Margate FHA Home Loan

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

How to Get a Margate FHA Home Mortgage?

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