When buying a home, we know that you want a smooth transaction as possible and that you want to avoid any mishaps in purchasing your dream home. Therefore, choosing your lender is so important and an important role is that of the mortgage loan processor. At NHL lending, we offer FHA loans in Fort Lauderdale 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, retiree’s or seasoned veterans of the housing market—through the entire mortgage process, including an application for and servicing of an FHA loan. 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.
What does a FHA Loans Fort Lauderdale processor do?
So, what exactly is an FHA loan? How does it help you when you buy a home? How does it differ from a typical mortgage loan? These are all great questions to ask about how the FHA loan process works.
FHA loans are private mortgage loans insured by the federal government. The federal insurance allows lenders to offer to finance to low-and-moderate-income Americans who may not otherwise have qualified for a mortgage loan because it removes the risk from the lender. With an FHA loan, that isn’t going to happen. The FHA won’t give you the loan, but they will back it. If you default on it, they’ll be the ones to work things out with your lender. You’ll still be responsible for your loan, but from your lender’s point of view, you’re much safer to lend to. That makes you a much more attractive client, so you’ll find it easier to get the loan you need.
What Other Benefits FHA home loans Fort Lauderdale Offer?
What are the benefits of using an FHA loan to buy a house? FHA loan has many advantages for those who use this program compared to a regular mortgage loan. Here’s an in-depth look at the benefits of what FHA loan can do.
The Federal Housing Administration (FHA) loan program offers two primary benefits to first-time home buyers, retiree’s and seasoned veterans— a relatively small down payment, and more flexible qualifications:
What really attracts homebuyers to this program is its relatively low-down payment, in particular, that is what makes FHA loans popular among home buyers. Borrowers who use this program can make a down payment as low as 3.5% or a 10% down payment of the purchase. Wow, who wouldn’t want that for their dream home?
Is FHA loan requirements Fort Lauderdale Qualifications your key to becoming a homeowner?
If you have dreamed of home ownership but felt that due to your income and other financial hardships that it was not within your reach, then FHA home loans may be the solution you have been looking for. FHA loans can help you clear the biggest hurdle—access to financing—they can also help you with other aspects of your mortgage. Generally speaking, the qualifications used for FHA loans are less harsh than those used for regular home mortgage loans.
To qualify for an FHA loan, you must meet the following requirements:
- Minimum credit score of 580
- 3.5% down payment or a 10% down payment if credit is between 500 – 579
- Documentation of income (pay stubs, tax returns and W2’s)
- Must be a primary residence (cannot be used for second home, vacation home or rental property)
- CAIVRS (Credit Alert Interactive Verification Reporting System) must be clear. This database shows people who have defaulted on government loans, owe back taxes or who have other federal debt.
- If you meet the standard FHA loan requirements, you will have what you need to proceed with applying for this type of loan.
How to Choose a Fort Lauderdale FHA mortgage Company
When it comes to choosing a mortgage company, it is important that you find one who not only offers you the best possible loan but also have your best interest at heart. As you begin searching for the best one, it can quickly become overwhelming because there are several of them out there who all claim to offer the best possible service.