OCALA FHA LOANS
FHA Loans are perfect for first-time homebuyers or those with less-than-perfect credit, FHA Loans offer an accessible path to homeownership with minimal down payments and flexible qualification criteria. Our expert team is dedicated to guiding you through the FHA loan process, ensuring you understand every option available to make an informed decision. Explore how our FHA Loan solutions can open the door to your dream home in Florida. Let’s embark on this journey together—discover your possibilities with us today.
What is an FHA Loan?
Atlantic Mortgage & Finance Corp provides FHA loans backed by the Federal Housing Administration (FHA), tailored to support borrowers with low to moderate income levels. Our FHA loans come with more lenient lending criteria than traditional loans, offering a viable route to homeownership for individuals looking for a mortgage option that aligns with their specific financial needs.
Our Florida FHA Loan Programs
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203(b) FHA Loans: This standard form of FHA financing facilitates the purchase of homes with a low down payment of just 3.5%, covering single-family homes, secondary homes, or multi-unit properties. It’s an ideal option for those looking to buy a home with minimal upfront investment.
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203(k) FHA Loans: Tailored for the purchase and subsequent renovation of a property, this loan type rolls the costs of repairs into the mortgage, making it an appealing choice for buyers interested in homes that require renovations.
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203(h) FHA Loans: Dedicated to assisting victims of presidentially declared disasters, these loans enable the rebuilding or acquisition of a new home without any down payment, offering a lifeline for recovery. This option is available for single-family residences, providing crucial aid in the aftermath of major disasters.
Florida FHA Loan Requirements: How to Qualify
Atlantic Mortgage & Finance Corp recognizes the hurdles that first-time buyers often encounter, such as limited down payments or not-so-perfect credit scores. That’s why we provide FHA loans, which come with less stringent underwriting standards. These loans are tailored for individuals who might not fulfill the criteria for traditional loans. Below are the essential qualifications for securing an FHA loan:
Down Payment
The down payment for an FHA loan can be as minimal as 3.5% of the home’s purchase price, though this may vary based on your credit score. Additionally, if saving for a down payment is challenging, using gift funds is an option.
Credit Score
A minimum credit score of 500 is required. To take advantage of the minimum down payment of 3.5%, a credit score of at least 580 is necessary. For scores below 580, a larger down payment of typically 10% is required.
Mortgage Insurance
All FHA loans necessitate mortgage insurance, which includes an upfront payment at closing and an ongoing annual premium.
Income History
Lenders will check to ensure you have a consistent income and employment history, verifying your ability to repay the loan.
Check these qualifications to see if an FHA loan might be the right path for you towards homeownership.
What are FHA Loan Amount Limits?
FHA loan limits are based on the conforming loan limits, which vary based on the housing type, state, and the country in which the property is located. Contact a mortgage specialist to learn more about the FHA loan limits in your area.
What are the Benefits of an FHA Loan?
There are several benefits associated with getting an FHA loan, including:
- Increasing people’s access to homeownership by allowing for smaller down payment amounts.
- Help homebuyers with lower credit scores qualify for a loan.
- Multiple loan terms available: 30-year fixed-rate,15-year, etc.
- Available on 1-4 family dwellings.
FHA Loans vs. Conventional Loans?
Atlantic Mortgage & Finance Corp offers an alternative to conventional mortgages. While the federal government does not back these types of loans, they come with stricter lending requirements. However, our FHA loans present a more accessible option, as they typically entail lower down payment, credit, and income requirements compared to conventional loans.
Contact us to learn more or get started today!
Why Choose Us?
With our extensive 20 plus years of experience in mortgage financing, we excel in delivering financing options tailored to suit our customers’ needs. Discover why people love working with us by exploring our outstanding reviews.
By collaborating with a wide range of investors and lenders, we proudly offer a diverse range of loan programs. Our utmost aim is to provide borrowers with the most optimal financing solutions available.