St. Petersburg Florida FHA Loans

For over a hundred years, Federal Housing Authority (FHA) loans have been a crucial support system for people in distinct financial situations looking to buy homes in Florida. These loans serve as a vital bridge for individuals who might struggle to secure traditional financing.

Being a fundamental component of HUD, FHA loans come with federal insurance, which brings numerous significant benefits such as:

• Minimal down payment requirements
• Lower closing costs
• Easier qualification standards

People who have a credit score of 580 or higher might be able to get an FHA loan that covers 96.5% of the property’s value. If your credit score falls between 500 and 579, you could still qualify for an FHA loan, but you would have to make a 10% down payment.

FHA loans can be used for different things like purchasing a home, refinancing, or fixing up properties with 1 to 4 units. Some borrowers might only have to pay 3.5% of the home’s purchase price as a down payment.

Eligibility for FHA Loans:

First-time Homebuyers – FHA loans provide an easier avenue to owning a home for those dealing with low income, poor credit, or a sparse credit history. With backing from the Federal Government, lenders are more inclined to offer loans to those seen as riskier, which might lead to higher interest rates and PMI than found with other loan types. Check if you’re eligible for additional assistance by taking our quiz.

Seniors – People aged 62 or older who either outright own their homes or have low mortgage balances could qualify for the FHA’s reverse mortgage program, known as the Home Equity Conversion Mortgage (HECM). This initiative enables seniors to convert part of their home equity into cash to support their living expenses while keeping home ownership.

Home Improvement – Eligible seniors can also tap into the HECM program for funding towards home upgrades that boost both livability and energy efficiency.

Purchasing Fixer-uppers – Those interested in purchasing and refurbishing properties may benefit from the FHA’s 203(k) Improvement Loan, incorporating the repair costs into the total loan amount.

Mobile Home Residents – FHA loans are available to those in mobile or factory-built homes, whether they own the plot or reside in a mobile home park.

Not sure if an FHA loan is the right choice for you? Don’t worry! You can always get in touch with the knowledgeable folks at St. Petersburg Mortgage Company. They are experts when it comes to FHA lending programs and can provide you with the guidance you need. Feel free to reach out to them today if you have any questions or concerns.