Getting an FHA loan in Miami

Getting an FHA loan in Miami

Wondering what’s an FHA loan?

A Miami FHA loan is a type of loan which is insured by the FHA. Essentially, what this means is the federal government is insuring the loans for FHA approved lenders. This helps reduce the risk of loss to the lender, in case, you, the borrower, defaults on your mortgage payment. Needless to say, this makes the lender more likely to lend to you, assuming you meet the minimum guidelines.

The Miami FHA loan program was created to provide mortgage lenders with adequate insurance, and to help make it so more and more families can be get loans and become home owners. These loans are extremely helpful, and popular, with first time home buyers. At First Nationwide Lending, it would be our pleasure to help you find your dream home, and to help you finance this home with a Miami FHA loan.

Advantages of FHA Loans

An FHA loan is one of the easiest types of mortgage loans to qualify. The FHA loan requires a low down payment (3.5 percent). You can have less than 100% perfect credit. Borrowers who can’t get approved for traditional mortgages/loans, should consider an FHA loan because it’s the best option for someone in this scenario. Another advantage of the FHA loan, in Miami, and other areas, is that it can be assumed. This means if you want to sell your home, the buyer can “assume,” the loan you have.


 

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