Borrowers have been receiving help through FHA since 1934. The Federal Housing Administration (FHA) insures the loans allowing lenders to offer better deals to borrowers. Even with all the noise about the subprime market, Florida FHA home loans are still available and an excellent opportunity for borrowers looking to get into a home.
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Great Reasons to look at FHA Loans
Borrowers in Florida who are looking at getting a mortgage loan, but have poor credit, are short on funds for a down payment and are looking for a home within the cap put on the FHA loan size will find that the FHA loan program is the best option for Florida home buyers.
FHA Loans require low down payments. The closing costs are low and there is easy credit qualification. FHA loans do not have a credit score requirement, so bad credit may not be a problem. FHA loans are no longer a cumbersome process either. Now, it takes 30 percent less time to secure an FHA home loan, said Robert M. Couch, general counsel for the U.S. Department of Housing and Urban Development.
Orlando FHA Loan Limits range from $268,850 (Single Family) to $424,500 (Four Family). Tampa FHA Loan Limits range from $222,300 to $384,936. In general Gulf Coast FHA Loan Limits go as high as $519,870 depending on where the property is located and the number of families the home.
FHA is now offering options for refinancing adjustable mortgages as well. Whether you are looking at Miami home refinancing or refinancing in Lee County where many ARMs are about to reset, FHA may be able to help you get a fixed mortgage rates if your loan is within the FHA loan limits. Borrowers can get a 95% cash out with FHA. If you are not familiar with FHA options talk to a mortgage broker and find out more.