Miami Beach FHA Loans

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Miami Beach FHA mortgage loans permit clients to obtain an easy mortgage for your home. The US federal government insures these mortgage loans through the FHA Department to ensure home owners to obtain mortgage loans with limited conditions and to provide security to the banker. If an individual defaults on his commitments, the MI covers the loss of the mortgage lenders.

Advantages of Miami Beach FHA Home Mortgage Loans

With a limited down payment of only 3.5% and its flexible terms of borrowing, Miami Beach FHA mortgage loans become a viable option for first home buyers in today’s market. Even borrowers with a bad credit scores can easily choose a Miami Beach FHA mortgage.

Negatives Features of a Miami Beach FHA Mortgage Loan

However with the benefits of easy access comes the negatives that you have to pay a little more on your regular mortgage payments to cover the MIP.

Guidelines to Get Qualified for an FHA Mortgage Loan

In order to qualify for a Miami Beach FHA mortgage, you must be a legal citizen of the USA with gainful employment. In addition, as the FHA department only approves selected mortgage lenders for their mortgage insurance, you can not apply online for a Miami Beach FHA mortgage from every banker. Even after you find the right mortgage from every banker, an FHA mortgage is only sanctioned if the property you wish to buy has been approved by the department of Federal Housing Administration.

Maximum Limits of a Miami Beach FHA Mortgage Loan

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

How to Obtain a Miami Beach FHA Mortgage Loan?

If you wish to request a Miami Beach FHA mortgage, contact First Nationwide Lending, where we can provide you with more information regarding these mortgage loans 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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