Merritt Island FHA Loans

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Merritt Island FL FHA mortgage loans allow borrowers to obtain an easy loan for your home. The federal government insures these mortgage loans through the FHA to enable home owners to obtain mortgage loans on relaxed conditions and to provide security to the bank. If an FHA mortgagor does not make his payments, the government insurance covers the loss of the money lenders.

Positives of Merritt Island FHA Home Loans

With a minimal down of about 3.5% and its flexible terms of borrowing, Merritt Island FHA mortgage loans are a viable option for FTHB in today’s market. Even people with bad credit history can easily opt for a Merritt Island FHA loan.

Negatives Features of a Merritt Island FHA Home Mortgage

However with the benefits of easy access comes the drawbacks that you have to pay a little extra on your regular loan payments to cover the MIP.

Guidelines to Qualify for an FHA Home Loan

In order to qualify for a Merritt Island FHA mortgage loan, 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 loan insurance, you can’t apply online for a Merritt Island FHA loan from every bank. Even after you find the best loan from every bank, an FHA loan is only acceptable if the property you wish to purchase has been approved by the FHA department.

Maximum Loan Amounts of a Merritt Island FHA Loan

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

How to Obtain a Merritt Island FHA Home Mortgage?

If you wish to obtain a Merritt Island FHA home mortgage, contact us at the First Nationwide Lending, where we can provide you with more information regarding these mortgage 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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