Since 1934, the Federal Housing Administration (FHA) has overseen a loan program that has opened literal and figurative doors to millions of Americans. With FHA loans Fort Lauderdale residents have opportunities not available through traditional lending outlets.
An FHA Home Loan in Fort Lauderdale, FL, from Nationwide Can Turn Your Dreams into Reality
At Nationwide Home Loans, we offer FHA loans because everything we do is geared toward supporting potential and current homeowners in their quest for financial stability. Our talented team of customer service representatives and mortgage specialists is prepared to guide clients—whether they are first-time home buyers or seasoned veterans of the housing market—through the entire mortgage process, including application for and servicing of an FHA loan.
Beyond Fort Lauderdale FHA loans, mortgage-seekers can expect so much more from Nationwide Home Loans. We don’t believe in gimmicks or convoluted messaging. We believe in providing our clients with as much information as possible in the clearest possible terms. We are convinced that, when presented with all the information, you will understand why Nationwide provides the best mortgage lending services in the business.
This is in part because of dedicated and knowledgeable staff that makes up our mortgage team. It’s also because of the range of products that we offer. FHA loans are one of many products in our portfolio, which includes fixed-rate and adjustable-rate conventional mortgage loans, Veterans Affairs loans, reverse mortgage loans, and other specialty products. The scope of our lending gives you confidence that your lender has a full understanding of the lending marketplace, which, for our clients, translates into highly competitive pricing and multiple mortgage solutions.
An FAQ for FHA Loan Mortgage Rates
So what exactly is an FHA loan? And how does it differ from a typical mortgage loan? FHA loans are private mortgage loans insured by the federal government. This federal insurance allows lenders to offer financing to low- and moderate-income Americans who may not otherwise have qualified for a mortgage loan because it removes the risk from the lender. In the event of a default, the government repays the lender.
And while FHA loans can help you clear the biggest hurdle—access to financing—they can also help you with other aspects of your mortgage. Most home purchases require a 20 percent down payment. Even for an inexpensive property, this can mean thousands—or even tens of thousands—of dollars out of your pocket. For many Americans, this is simply impossible; it may also expose a borrower to considerable risk by tying up all of their savings in a home. FHA loans require just a 3.5 percent down payment, drastically reducing your upfront costs as a borrower.
Upfront costs are further mitigated with a reduction in closing costs. FHA loans help reduce closing costs in two ways. For one, they can allow the seller, builder, or lender to pay for your closing costs. This arrangement may benefit those parties by helping facilitate the sale of a home. Alternatively, an FHA loan allows the borrower to fold closing costs into the mortgage amount, thereby spreading the cost burden over the length of your mortgage. Either way, these alternations can save you several hundred to a few thousand dollars out of pocket.
Applicants for FHA loans must demonstrate a steady employment history (with the same employer for at least two years) as well as meet minimum credit score requirements (580 in order to be eligible for maximum financing). Your total monthly mortgage payment cannot exceed 31 percent of your gross income, and the home you plan to purchase must be as a primary residence (not to be flipped into a rental property).
Learning the ins and outs of FHA loans, including whether or not you qualify for one, can seem complicated or even overwhelming, but the potential benefits are enormous. FHA loans are a primary pathway for many to finally achieve home ownership. Nationwide Home Loans is available to speak with you and help you understand everything you need to know to make the right decision. It’s what we love to do.