Oakland Park FHA Loans

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Oakland Park FL FHA home mortgages permit you to obtain an easy mortgage loan for your house. The federal government insures these home mortgages via the FHA to enable home owners to obtain home mortgages on relaxed conditions and to provide security to the mortgage lender. If a borrower misses his commitments, the MI covers the loss of the mortgage lenders.

Pros of Oakland Park FHA Home Loans

With a low down payment of about 3.5% and its great terms of borrowing, Oakland Park FHA home mortgages become one of the best options for first home buyers in today’s market. Even individuals with below average credit scores can simply choose an Oakland Park FHA mortgage loan.

Drawbacks of an Oakland Park FHA Home Mortgage

With the benefits of easy accessibility comes the drawbacks that you have to pay a little more on your regular mortgage loan payments to cover the Mortgage Insurance Premium (MIP).

Necessities to Qualify for an FHA Mortgage

To ensure you meet the requirements for an Oakland Park FHA mortgage loan, you need to be a legal citizen of the U.S. with a steady job. In addition, as the FHA only approves selected mortgage lenders for their mortgage loan insurance, you can not apply online for an Oakland Park FHA mortgage loan from every mortgage lender. Even after you locate the perfect mortgage loan from every mortgage lender, an FHA mortgage loan is only sanctioned if the home you are requesting to purchase has been approved by the department of Federal Housing Administration.

Maximum Limits of an Oakland Park FHA Loan

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

How to Obtain an Oakland Park FHA Home Loan?

If you wish to request an Oakland Park FHA mortgage, contact us at the First Nationwide Lending, where we can provide you with more information regarding these home mortgages 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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