Merritt Island FHA Loans

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Merritt Island Florida FHA home mortgages permit borrowers to get an easy home loan for your property. The US federal government insures these home mortgages through the FHA to ensure home owners to get home mortgages with limited conditions and to provide security to the mortgage banker. If an FHA mortgagor misses his payments, the government insurance covers the loss of the bankers.

Advantages of Merritt Island FHA Loans

With a low down payment of only 3.5% and its easy terms of borrowing, Merritt Island FHA home mortgages are a viable option for FTHB today. Even individuals with bad credit history can easily opt for a Merritt Island FHA home loan.

Disadvantages of a Merritt Island FHA Loan

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

Guidelines to Get Approved for an FHA Home Mortgage Loan

To ensure you meet the requirements for a Merritt Island FHA mortgage, you need to be a legal citizen of the USA with a steady job. Moreover, as the FHA department only approves selected bankers for their home loan insurance, you can’t process a loan application for a Merritt Island FHA home loan from every mortgage banker. Even after you find the right home loan from every mortgage banker, an FHA home loan is only acceptable if the house you wish to purchase has been approved by the Federal Housing Administration.

Maximum Limits of a Merritt Island FHA Home Loan

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

How to Obtain a Merritt Island FHA Mortgage Loan?

If you wish to obtain a Merritt Island FHA mortgage 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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