Whether you live in Florida or elsewhere, you can buy a home in the state. Your best sources of current mortgage information are local newspapers, individual lenders, and brokers. You can talk to your financial institution or search the Internet to find information about local and national lenders who operate in Florida.
Compare mortgage rates, fees, and services provided between several lenders to find the deal that works best for you.
Once you've identified the home you are thinking of buying, compare the price with that of other homes in the neighborhood, and hire a licensed home inspector. For peace of mind, goes over the fine print in your mortgage contract with a real estate lawyer, and doesn’t sign anything you don't understand. If you follow all these tips, you will have a more rewarding home buying experience.
Florida FHA Mortgages
There are numerous lending companies in Florida that offer FHA loan mortgages.
Highlights
Since FHA mortgages are targeted towards the low- to moderate-income population, standards for qualification are less stringent and allow you to obtain a mortgage even with bad credit. The down payment requirement could go as low as one percent when conventional loans usually require 26 to 28 percent and 33 to 36 percent to qualify for a mortgage. Typically, payments will not exceed 29 percent of the monthly gross income and total debt should not be more than 41 percent of gross income.
Terms
FHA mortgages are usually on a fixed-rate mortgage with terms of up to thirty years. With FHA mortgages, there is a mortgage insurance premium to be paid to the HUD every month. In a thirty-year period, 1.5 percent of loan is paid upfront for the insurance and 0.5 percent of the remaining balance is paid every month.
By Extranoski
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