There are many good reasons to choose an FHA loan, especially if one or more of the following apply to you:
You’re a first-time homebuyer although you don’t have to be.
You don’t have a lot of money to put down on a house; as of October 1 2008 the minimum required down payment will be 3.5%. This down payment can come from your own assets or can be a gift from a family member or through county down payment assistance programs.
You want to keep your monthly payments as low as possible; FHA has very good fixed interest rates and adjustable rate programs.
You don’t have perfect credit; FHA allows for some bumps in credit from the past however the last 12 months must be very clean. If you don’t have any active credit, special allowances can be made if you have 3 bills that are in your name that you have had for at least 12 months and pay on a monthly basis that can be verified.
Want to know more about Florida FHA Loans? Contact me 352-505-2361!