Ever since 1934 the Federal Housing Administration, better known as the FHA, has been overseeing the loan program which has opened figurative and literal doors for millions of Americans. The FHA loans for for Fort Lauderdale residents provides opportunities for people who may not have been able to get them through more traditional lending outlets.
The FHA Loan Can Help Make Dreams a Reality
Here at Kloze we offer FHA loans in order to support potential and current homeowners who need help to achieve financial stability. We have an impressive team of mortgage specialist and service representatives who can guide you through the process. If you’re a first time home buyer or a seasoned veteran who is used to navigating the housing market. We can help you through the whole mortgage process. Including the application for the FHA loan and the service for it.
We don’t only offer Fort Lauderdale FHA loans. As a company we have never believed in convoluted messages in order to get you come to us instead of the competition. It’s our belief that our clients deserve to have as much information as we can provide when it comes to making an informed decision about their financial future. So you are able to understand on crystal clear terms what your options are. Once you have the information you will see why Kloze is the best mortgage lending service in the country.
Due to our knowledgeable and dedicated staff. We are able to have the best mortgage team around. We also offer a wide range of products other than the FHA loan. There are many in our portfolio like the Veterans Affairs loan, reverse mortgage loan, and many others. Our scope of lending is there to give you the confidence to have a full and complete understanding of the lending marketplace.
Explanation of FHA Loan Mortgage Rates
The first question many people ask is how a FHA loan differs from a normal loan. FHA loans are unique since they are private mortgage loans that are insured by the federal government. The federal insurance gives lenders the opportunity to low and moderate income Americans the option of being able to get a mortgage loan. The risk is removed from the lender for giving out the loan. If there is a default, the government is the one who repays the lender instead of the borrower.
FHA loans are an amazing option to clear the hurdle when it comes to being able to have access to financing. They are also a huge help with other aspects of a mortgage as well. Many home purchases require a 20% down payment up front. Even if the property is inexpensive it can means thousands, if not tens of thousand, of dollars out of pocket. For many Americans today this is not possible. The borrower is exposed to a high risk of sinking all of their savings into a home. FHA loans only require a 3. 5% down payment. This decreases the upfront costs a borrower has to pay.
There are also the reduction of closing costs as well. FHA loans go a long way in helping to reduce the closing costs on a home in two ways. They allow the lender, seller, or building to pay for the closing costs. The arrangement benefits the parties by making it easier to facilitate the sale of the home. The borrower of an FHA loan gives the borrower the option to fold their closing costs into the mortgage amount too. This spreads the cost of the burden over the length of the entire mortgage. The alternations of these can help the borrower to save anywhere from several hundred or an upwards of a couple thousand dollars they don’t have to pay out of pocket for.
Applying for an FHA Loan
FHA loans are great, but there are a few requirements in order to qualify for one. Applicants must have a steady employment history with the same employer for at least two years. They have to meet the minimum credit score requirements of at least 580 in order for them to be eligible for maximum financing. The monthly mortgage payment can also not exceed 31% of the gross income of the applicant. The home the borrower purchases must also be the primary residence as well.
Knowing the ins and outs of an FHA loan is very important. There is a lot that goes into knowing if an applicant is able to qualify for one. While the process can seem complicated or even overwhelming. The potential benefits are worth it. An FHA loan can make home ownership finally possible. If you have any questions please feel free to call us. We love what we do and to help out our clients.
At Kloze we are focused on helping you. We will walk you through the process so you understand everything about the loan. Our excellent staff are always on hand to answer any questions or concerns you may have. Why should you have to navigate the lending services market when you could come to us first? We won’t use cheap gimmicks or tricks to try and impress you. Our belief is to give our clients all the information they need up front so they can make an informed decision about their home ownership. We look forward to hearing from you soon!