Oviedo FHA Loans

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Oviedo Florida FHA mortgages allow you to get an easy home mortgage for your house. The United States federal government insures these mortgages via the Federal Housing Administration (FHA) to ensure homeowners to get mortgages on relaxed conditions and to provide security to the mortgage banker. If an individual misses his commitments, the MI covers the loss of the banks.

Advantages of Oviedo FHA Loans

With a limited down of just 3.5% and its great terms of borrowing, Oviedo FHA mortgages become a viable option for first home buyers today. Even individuals with below average credit scores can simply opt for an Oviedo FHA home mortgage.

Drawbacks of an Oviedo FHA Home Mortgage

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

Requirements to Get Approved for an FHA Home Mortgage

In order to qualify for an Oviedo FHA home mortgage, you need to be a legal citizen of the U.S. with gainful employment. In addition, as the FHA department only approves selected banks for their home mortgage insurance, you can not apply online for an Oviedo FHA home mortgage from every mortgage banker. Even after you locate the perfect home mortgage from every mortgage banker, an FHA home mortgage is only acceptable if the property you wish to buy has been approved by the Federal Housing Administration.

Maximum Loan Amounts of a Oviedo FHA Home Mortgage

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

How to Obtain an Oviedo FHA Home Mortgage?

If you would like to obtain an Oviedo FHA loan, contact us at the First Nationwide Lending, where we can provide you with more information regarding these 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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