Purchasing a new home is an exciting time for most families. Unfortunately, it can also be overwhelming and a little scary. Obtaining home loans often feels intimidating and many clients do not know what to expect, especially in regards to different loan types. At Kloze, we understand the importance of choosing the right loan for your family. Between finding the best FHA loan rates in Fort Lauderdale, FL and ensuring that qualify for the loan you need, the process can take some time. Our professional loan officers are here to help you get whatever loan you need.

If you are a first-time home buyer or have a smaller than suggested down payment, you may still qualify for a home loan through the FHA home loan program. Here are a few things you need to know about getting an FHA home loan:

What are FHA loans in Fort Lauderdale, FL?

An FHA loan is one of the more popular choices for home loans, particularly new homeowners. The FHA loan is offered through the Federal Housing Administration. FHA home loans in Fort Lauderdale are private loans used for the purchase of homes. In addition, you may be able to use this type of loan for approved home improvement projects. These loans are ideal for many potential buyers because they allow buyers to purchase a home with a much smaller down payment than other types of loans.

FHA loan requirements Fort Lauderdale vary but most require that you have at least a credit score of 500 and those with poor credit are usually required to have at least 10 percent of the home price as a down payment.

FHA home loans in Fort Lauderdale

Do I need a down payment with Kloze?

Most loans at nationwide home loans require some down payment. Veterans may not have to provide a down payment if they qualify for a VA loan. All FHA loans require a down payment of at least 3.5 percent. The better credit and payment history you have, the better rates you will get for your home loan. Credit scores under 600 usually require a down payment of 10 percent. While these loans may be easier to qualify for, there are some restrictions based on your credit history. If you are considering purchasing a home, you should have a good payment history going back at least one year to increase your chances of approval. Additionally, managing your debt to income ratio (amount of debt repayment compared to income) will help as well. Click here to learn more about qualifying for an FHA loan.

How do I apply for an FHA home loan in Fort Lauderdale, FL?

When applying for a FHA home loan in Fort Lauderdale, FL, there are a few things you need to do. We can help you fill out an application for the loan and we receive results quickly, so you will know immediately how much you qualify to receive. Prior to applying for a Fort Lauderdale FHA mortgage, you will need to pull together some information. Bring any information you have with you to your meeting with one of our qualified agents to help the loan process goes faster.

Information you should have on hand includes employment history for the past two years and gross salary. If you have had multiple jobs in the past two years, you will need to provide W2 forms for each job, you may also need to provide a copy of your most recent tax forms. Our agents will also ask for personal information so we can access your credit history. To learn more about the information we need, contact our loan officers today.

What types of fees and limitations are associated with FHA loans in Fort Lauderdale?

FHA Loans in Fort Lauderdale are not exempt from certain fees. These types of loans can have customary fees (within reason). Fees you can expect to see include appraisal fees, inspection fees, credit report fees and document preparation fees. You may incur a few additional fees based on your application. We can help you understand which fees will be included in the cost of your loan.

We believe in providing as much information to our clients as possible so we will provide a full detail of what you can expect to pay when you get a loan with our company. Additionally, FHA loans require mortgage insurance, which goes onto your loan repayment plan. If you are refinancing your home, you may have additional fees as well.

In addition to fees associated with closing costs, you may have to pay fees like wire fees, broker fees, recording fees and courier fees. Most of these are less common, but may be included in different circumstances.

At Kloze, we want to ensure that you have the best experience possible. We know that everyone has different financial circumstances and your credit may not be perfect. We believe that everyone deserves the chance to own his or her own home and we are here to help you determine whether you should purchase a home right now. Our skilled loan officers can take you through the entire process from searching for a loan to applying and finding the best terms for your family. Let us help you get the best FHA loan mortgage rates so you can get into the home of your dreams without going broke.

Our full-service mortgage lender can help you find the perfect loan for your family. Schedule an appointment today to learn more about the different types of loans you may qualify to receive.