FHA loans are very popular for first-time homebuyers. These loans are insured through the Federal Housing Administration, or FHA. This backing by the FHA enables qualified lenders to offer credit to prospective home buyers with less than perfect credit. This, in turn, makes home ownership a reality for many families who otherwise may be denied credit otherwise. Lowed fixed rate loans with terms of 30 and 15 years available.
Benefits of FHA Loans
There are many great benefits in choosing an FHA loan, including:
♦ Lower Credit Score – Potential home buyers with a credit score as low as 580 and still may be eligible for a FHA loan.
♦ Smaller Down Payment – low 3.5% down payment of the purchase price and may also qualify for county based down payment assistance programs. Call your MLO to see if you may qualify for the down payment assistance programs.
♦ Reduced Closing Costs – The FHA loan program allows sellers to pay as much as 6% of the total loan amount towards closing costs, compared to the 3% allowance for many conventional loans.
FHA Loans through Southpoint Financial Services
If you think you may qualify for an FHA home mortgage, Southpoint Financial Services can help. As an approved FHA lender, we can help you determine if an FHA loan is right for you. We offer accurate and informative home ownership education and resources to help our clients make the home buying decisions that are beneficial for them and their families.
When you work with Southpoint Financial Services, you never have to worry about hidden fees. Our informative Loan Estimate Fee Worksheet will help you determine exactly how much purchasing a house will be, including all costs and fees. In addition, our experienced team will ensure that you understand the total amount of your closing costs, what your monthly payments will be and what is and is not included in your monthly payment, including mortgage insurance, homeowner insurance, HOA fees and property taxes.
At Southpoint Financial Services, we can make your dream of home ownership a reality.
Our Mortgage Lender in Navarre FL can assist you in obtaining a home loan! Call us today (850) 936-0422