FHA Loans terms
Whether you’re getting an FHA loan or are making any decision about your finances, it’s important that you thoroughly understand your agreement and how it can impact your future. At FHA Loans Miami, our team helps you better understand your loan and its terms, enabling our clients to make smarter, more informed decisions about their homes. From FHA loan limits to how this loan can benefit your credit score, we are here to guide you. Prior to committing to a loan, our clients are fully informed about the details of how down payments will work, as well as closing costs and other associated fees that affect the final cost.
FHA Loan Limits
In selecting an FHA loan for your new home, it’s important to understand the limitations in order to choose a house that will fit within the terms and conditions. FHA loan limits are generally set at a maximum amount based on the number of units you’re buying, with Florida purchasers being able to buy properties with up to four units. Part of the regulations include the purchaser being required to maintain one of the units as their primary residence, though other units may be rented out depending on individual circumstances. Our team will help you learn more about these types of purchases, with expert advice that allows you to make smarter decisions.
For those setting up their home mortgage with an FHA loan, our team works with first time buyers, those with lower credit scores, and other who have trouble acquiring a conventional loan - allowing them to get the financing needed to make an investment in their future. FHA loans appeal to those that aren’t in a high income bracket or have imperfect credit scores, with our team helping you better understand how these terms can be applied to your individual situation. Our FHA approved lenders help you meet the requirements of the loan, getting you home with a lower down payment and better interest rates.
FHA Loan Down Payments
One of the hardest parts of buying a new home is getting the down payment necessary to acquire a loan in the first place. FHA loans present a unique opportunity for first time home owners to have a lower down payment than with other types of conventional loans, with most of the purchase costs being able to be financed. The down payment can even be gifted from family or friends, though evidence of ability to pay will need to be shown. Helping those with credit scores of 580 and above, our FHA loan team is here to help you afford the home you desire.
FHA Loan Closing Costs
In deciding to take out a loan with our certified lenders, we want to make sure that our clients are fully aware of their total costs throughout the process. These costs include the FHA loan closing costs in addition to the costs of the loan itself. Closing costs are reflective of the total purchase price, with Florida having a lower percentage than most of the country. These costs can also be financed and included within the total costs of the loan. By working with us we will make sure that you’re aware of your total expenses, ensuring that you understand your full costs in order to better plan for the future.