Panama City FHA Loans

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Panama City FL FHA mortgages permit borrowers to obtain an easy mortgage for your home. The federal government insures these mortgages through the FHA to ensure homeowners to obtain mortgages on relaxed conditions and to provide security to the mortgage lender. If a borrower defaults on his payments, the mortgage insurance covers the loss of the mortgage lenders.

Benefits of Panama City FHA Mortgage Loans

With a minimal down payment of only 3.5% and its great terms of borrowing, Panama City FHA mortgages are one of the best options for FTHB today. Even borrowers with below average credit history can simply choose a Panama City FHA mortgage.

Negatives Features of a Panama City FHA Mortgage

With the benefits of easy access comes the drawbacks that you will have to pay a little more on your monthly mortgage payments to cover the MIP.

Guidelines to Get Approved for an FHA Home Loan

In order to qualify for a Panama City FHA mortgage loan, you must be a legal citizen of the USA with gainful employment. Moreover, as the FHA department only accepts selected mortgage lenders for their mortgage insurance, you can not apply for a Panama City FHA mortgage from every mortgage lender. Even after you find the perfect mortgage from every mortgage lender, an FHA mortgage is only sanctioned if the house you wish to buy has been approved by the Federal Housing Administration.

Maximum Loan Amounts of a Panama City FHA Home Loan

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

How to Obtain a Panama City FHA Mortgage Loan?

If you would like to get a Panama City FHA home loan, contact First Nationwide Lending, where we can provide you with more information regarding these mortgages and clarify your query to streamline 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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