Tallahassee FHA Loans

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Tallahassee FL FHA mortgages permit borrowers to obtain an easy home mortgage for your home. The United States federal government insures these mortgages via the Federal Housing Administration (FHA) to enable home owners to obtain mortgages with limited conditions and to provide security to the mortgage lender. If an individual defaults on his payments, the government insurance covers the loss of the lenders.

Pros of Tallahassee FL FHA Mortgages

With a limited down of only 3.5% and its easy terms of borrowing, Tallahassee FL FHA mortgages become a viable option for FTHB today. Even clients with below average credit scores can easily opt for a Tallahassee FL FHA home mortgage.

Disadvantages of a Tallahassee FL FHA Loan

However with the benefits of easy accessibility comes the drawbacks that you have to pay a little more on your regular home mortgage payments to make up for the Mortgage Insurance Premium (MIP).

Requirements to Get Qualified for an FHA Loan

To ensure you qualify for a Tallahassee FL FHA home mortgage, you need to be a legal citizen of the U.S. with a steady job. In addition, as the FHA only approves selected lenders for their home mortgage insurance, you can’t process a loan application for a Tallahassee FHA home mortgage from every mortgage lender. Even after you locate the perfect home mortgage from every mortgage lender, an FHA home mortgage is only sanctioned if the home you are requesting to purchase has been approved by the Federal Housing Administration.

Maximum Loan Amounts of an Tallahassee FL FHA Loan

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

How to Obtain a Tallahassee FL FHA Loan?

If you would like to get a Tallahassee FL FHA home mortgage, 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.

 

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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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