Oviedo FHA Loans

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Oviedo FHA loans permit borrowers to obtain an easy mortgage for your home. The United States federal government insures these loans through the FHA Department to enable home owners to obtain loans with limited requirements and to provide security to the banker. If an individual misses his payments, the government insurance covers the loss of the mortgage bankers.

Benefits of Oviedo FHA Home Mortgages

With a limited down of only 3.5% and its flexible terms of borrowing, Oviedo FHA loans become a viable option for FTHB today. Even clients with less than perfect credit scores can simply opt for an Oviedo FHA mortgage.

Drawbacks of an Oviedo FHA Loan

However with the benefits of easy accessibility comes the disadvantages that you have to pay a little more on your regular mortgage payments to make up for the MI.

Requirements to Qualify for an FHA Mortgage

In order to meet the requirements for an Oviedo FHA mortgage, you need to be a legal citizen of the Unites States with gainful employment. Moreover, as the FHA only approves selected mortgage bankers for their mortgage insurance, you can not apply for an Oviedo FHA mortgage from every banker. Even after you locate the perfect mortgage from every banker, an FHA mortgage is only sanctioned if the house you are requesting to purchase has been authorized 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 maximum mortgage amount is approximately $625,000.

How to Obtain an Oviedo FHA Home Loan?

If you wish to get an Oviedo FHA home mortgage, contact First Nationwide Lending, where we can provide you with more information regarding these 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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