Ormond Beach FHA Loans

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Ormond Beach FL FHA home mortgages allow you to get an easy home mortgage loan for your property. The United States federal government insures these home mortgages via the Federal Housing Administration (FHA) to enable homeowners to get home mortgages on relaxed conditions and to provide security to the money lender. If an individual defaults on his commitments, the government insurance covers the loss of the banks.

Advantages of Ormond Beach FHA Home Loans

With a low down payment of only 3.5% and its great terms of borrowing, Ormond Beach FHA home mortgages become a viable option for FTHB today. Even individuals with below average credit history can easily opt for an Ormond Beach FHA home mortgage loan.

Negatives Features of an Ormond Beach FHA Home Mortgage

However with the benefits of easy accessibility comes the drawbacks that you have to pay a little extra on your monthly home mortgage loan payments to make up for the MIP.

Guidelines to Get Qualified for an FHA Mortgage

To ensure you meet the requirements for an Ormond Beach FHA home loan, you must be a legal citizen of the USA with gainful employment. In addition, as the FHA only approves selected banks for their home mortgage loan insurance, you can’t process a loan application for an Ormond Beach FHA home mortgage loan from every money lender. Even after you find the perfect home mortgage loan from every money lender, an FHA home mortgage loan is only acceptable if the property you wish to purchase has been authorized by the department of Federal Housing Administration.

Maximum Loan Amounts of an Ormond Beach FHA Mortgage

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

How to Obtain an Ormond Beach FHA Home Mortgage?

If you would like to obtain an Ormond Beach FHA loan, 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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