Florida FHA Lenders For Instant And Guaranteed Housing Loans!

What is an FHA loan?

An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. Florida FHA lenders for loans allow the borrower to borrow up to 97% of the value of the home. The 3% down payment requirement can come from a gift or a grant, which makes Florida FHA lenders popular with first-time buyers. In addition to traditional first mortgages, the Federal Housing Administration offers a reverse mortgage program known as a Home Equity Conversion Mortgage (HECM), which helps seniors convert the equity on their homes to cash while retaining the titles to their homes.

Why people go for FHA loans?

People prefer Florida FHA lenders for loans because of the many benefits such as low interest rates and more flexible requirements. Lenders like Mortgageexperts Florida offer FHA loans at attractive interest rates, with less stringent qualification requirements. Minimum credit scores for Florida FHA loans depend on the type of loan the borrower needs. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher.

Those with credit scores between 500 and 579 must make down payments of at least 10 percent. People with credit scores under 500 are generally ineligible for FHA loans. Florida FHA lenders will make allowances under certain circumstances for applicants who have what is called "non traditional credit history or insufficient credit", if they meet the requirements. Ask your FHA lender or an FHA loan specialist if you qualify. Contact mortgage experts Florida for all loan related issues.