Palm Bay FHA Loans

apply-now-today

Palm Bay FHA home loans permit you to obtain an easy mortgage loan for your home. The federal government insures these home loans via the FHA Department to enable homeowners to obtain home loans on relaxed conditions and to provide security to the lender. If a borrower misses his commitments, the mortgage insurance covers the loss of the banks.

Positives of Palm Bay FHA Home Mortgages

With a minimal down payment of only 3.5% and its great terms of borrowing, Palm Bay FHA home loans become one of the best options for first home buyers in today’s market. Even borrowers with bad credit scores can simply opt for a Palm Bay FHA mortgage loan.

Negatives Features of a Palm Bay FHA Home Mortgage

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

Requirements to Get Qualified for an FHA Loan

In order to meet the requirements for a Palm Bay FHA mortgage, you need to be a legal citizen of the Unites States with gainful employment. Moreover, as the FHA department only accepts selected banks for their mortgage loan insurance, you can’t apply for a Palm Bay FHA mortgage loan from every lender. Even after you find the perfect mortgage loan from every lender, an FHA mortgage loan is only acceptable if the property you wish to buy has been approved by the FHA department.

Maximum Loan Amounts of a Palm Bay FHA Loan

The maximum limits of the home loan amount vary in every state and county of the USA, however, the general max mortgage loan limit is approximately $625,000.

How to Get a Palm Bay FHA Mortgage Loan?

If you wish to request a Palm Bay FHA home mortgage, contact us at the First Nationwide Lending, where we can provide you with more information regarding these home loans and clarify your query to simplify the process of buying your new home.

 

Contact Us

map

1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

Latest News