FHA Home Loans In Fort Lauderdale – Fort Lauderdale’s Premiere Mortgage Lender
Benefits of FHA Home Loans at NHL Lending!
There are many advantages that come hand in hand with the FHA loan requirements at NHL Lending. First, the FHA doesn’t require an SSN. The truth is that not every home buyer will have a valid social security number and, according to the FHA, that’s okay. FHA guidelines permit loans to employees of the World Bank and foreign embassies, for example. In addition to this incredible benefit, the FHA will also insure loans for non-permanent resident aliens if they qualify for all of the other FHA loan requirements in Fort Lauderdale.
Second, there are many FHA approved lenders including Kloze along with the following:
- Private mortgage lender
- Savings-and-loans institution
- Credit unions
With all of these options, it allows lenders to offer competitive rates and fees.
One of the best FHA loan requirements in Fort Lauderdale is that less than perfect credit is okay. For example, to qualify for a down payment of only 3.5 percent, you will need a credit score of 580 or higher. However, if your credit score is between 500 and 579 must make down payments of at least 10 percent to get approved. Usually, borrowers that have credit scores under 500 are ineligible for FHA loans, but there may be certain allowances if you meet all of the other requirements.
Another advantage of an FHA loan requirements in Fort Lauderdale is that you usually only need a down payment of 3.5 percent. This is a great benefit of this type of loan that occurred in 2014. Before this, the required down payment amount was 10 percent. In addition to that, most FHA borrowers can use their savings to make the down payment. Other down payment options can include:
- fh home loans
- A grant from a state assistance program
- Help from a local government down-payment assistance program
Help from a local government down-payment assistance program
What should you know about FHA home loans in Fort Lauderdale?
When it comes to FHA home loans in Fort Lrdale, there are many things that you will want to keep in mind. One thing that you will want to know is that closing costs may be covered. This means that that the FHA allows home sellers, builders, and lenders to pay some of the borrower’s closing costs such as:
- An appraisal
- Credit report
- Title expenses
You will want to be careful with this since you may pay a higher interest rate if a lender agrees to pay your closing costs.
How can you get a Fort Lauderdale FHA mortgage?
First, to get a Fort Lauderdale FHA mortgage, you must find a lender that is FHA approved since the FHA is an insurer and not a creditor. Therefore, you will need to get your loan through an FHA-approved lender. For this reason, you may want to shop around since not all FHA-approved lenders offer the same interest rate and costs even on the same Fort Lauderdale FHA mortgage. It is important to shop around since the following will vary among lenders:
- Underwriting standards
There are a variety of things that you will want to keep in mind when it comes to receiving a Fort Lauderdale FHA mortgage. Second, when it comes to these loans, there are two mortgage insurance premiums are required on all FHA loans. The first is an upfront premium which is 1.75 percent of the loan amount. This upfront premium is paid when the borrower gets the loan. However, if you cannot afford this amount, it can be financed as part of the loan amount. The second insurance required for a Fort Lauderdale FHA mortgage is known as an annual premium. This insurance will be paid monthly and will vary on the following:
- Length of the loan
- Amount borrowed
- Initial loan-to-value ratio (LTV)
To learn more about an FHA home loan and the current FHA loan rates, contact NHL Lending today!