Are you tired of renting and are now ready to purchase your very first home? Have you been searching for the home and neighborhood of your dreams and finally find the perfect house for your family? Are you also wondering what type of loan you should apply for to acquire your chosen property? If so, then you should consider applying for a Federal Housing Administration (FHA) loan. Here’s how an FHA loan will benefit you.
Less Stringent Requirements
One of the main benefits in apply for a Federal Housing Administration loan is that FHA loans offer less stringent requirements than conventional loans. As mentioned, you have been renting and will be acquiring your very first home. An FHA loan will typically offer low down payment options with low credit scores. This means you will be able to obtain the home of your dreams without having to worry about spending a large sum of money for the down payment.
Another benefit of applying for an FHA loan is that you will generally pay a lower monthly mortgage insurance premium regardless of your credit score. In contrast, mortgage insurance premiums are typically based on your credit score when it comes to conventional loans.
The Friendly Professionals That Can Help in Florida
Perhaps you are convinced that apply for an FHA loan will be advantageous. You are now searching for the leading FHA Lenders in Ponte Vedra Beach. Contact the friendly professionals at The Mortgage Lady Team – Fairway Independent Mortgage Corp. They have been offering their housing expertise and will help you acquire the home of your dreams.
So, when searching for the best FHA Lenders in Ponte Vedra Beach, they are the ones you can trust and depend on for all your FHA loan needs. Call or visit them at themortgageladyteamfairway.com today.