Palm Bay FHA Loans

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Palm Bay Florida FHA home mortgages allow you to get an easy mortgage loan for your property. The United States federal government insures these home mortgages via the Federal Housing Administration (FHA) to ensure home owners to get home mortgages on relaxed conditions and to provide security to the mortgage lender. If an individual defaults on his payments, the government insurance covers the loss of the banks.

Benefits of Palm Bay FHA Home Loans

With a low down payment of about 3.5% and its easy terms of borrowing, Palm Bay FHA home mortgages are a viable option for FTHB in today’s market. Even people with less than perfect credit history can simply opt for a Palm Bay FHA mortgage loan.

Drawbacks of a Palm Bay FHA Home Mortgage Loan

With the benefits of easy access comes the disadvantages that you have to pay a little extra on your monthly mortgage loan payments to make up for the Mortgage Insurance.

Requirements to Get Approved for an FHA Loan

In order to meet the requirements for a Palm Bay FHA home loan, you must be a legal citizen of the U.S. with a steady job. Moreover, as the FHA department only approves selected banks for their mortgage loan insurance, you can’t process a loan application for a Palm Bay FHA mortgage loan from every mortgage lender. Even after you locate the right mortgage loan from every mortgage lender, an FHA mortgage loan is only acceptable if the house you wish to purchase has been authorized by the department of Federal Housing Administration.

Maximum Limits of a Palm Bay FHA Mortgage

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

How to Get a Palm Bay FHA Mortgage Loan?

If you wish to get a Palm Bay FHA mortgage loan, contact 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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