Panama City FHA Loans

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Panama City FL FHA home mortgage loans allow borrowers to obtain an easy mortgage for your house. The US federal government insures these home mortgage loans through the Federal Housing Administration (FHA) to enable home owners to obtain home mortgage loans with limited conditions and to provide security to the banker. If a borrower defaults on his payments, the mortgage insurance covers the loss of the banks.

Pros of Panama City FHA Mortgages

With a minimal down of just 3.5% and its flexible terms of borrowing, Panama City FHA home mortgage loans become a viable option for FTHB today. Even people with bad credit history can easily choose a Panama City FHA mortgage.

Disadvantages of a Panama City FHA Home Mortgage Loan

However with the benefits of easy accessibility comes the negatives that you will have to pay a little more on your regular mortgage payments to cover the MIP.

Guidelines to Get Qualified for an FHA Home Mortgage Loan

In order to meet the requirements for a Panama City FHA home mortgage, you must be a legal citizen of the U.S. with gainful employment. In addition, as the FHA department only accepts selected banks for their mortgage insurance, you can not apply for a Panama City 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 wish to purchase has been authorized by the Federal Housing Administration.

Maximum Loan Amounts of a Panama City FHA Mortgage

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

How to Obtain a Panama City FHA Loan?

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