Orlando Real Estate News

Are you in the market to purchase a home? If so you need to know the ins and outs of an FHA mortgage. FHA mortgages are very popular in this current market and for good reason.

Many Floridians have taken advantage of the FHA mortgage to buy a new home, whether first time buyers or experienced home buyers because of the many advantages they offer.

The advantages of an FHA loan:

FHA offers low down payment options, eligibility with less than perfect credit, a loan at a reasonable cost, and help if there is ever trouble making the mortgage payment.

FHA offers lenders better security because they insure the lender against loss, and that savings gets passed on to the buyers. An FHA mortgage typically has an interest rate that is competitive with the best in this market. FHA not only helps people buy a home, but helps them keep it as well. In return for protecting lenders against loss, FHA requires financial institutions to offer assistance to borrowers experiencing difficulty making mortgage payments.

Eligibility Requirements:

• You must occupy the property as the principal residence
• Must possess a valid Social Security Number
• Have a two-year employment history
• School and military service will count towards this

two-year requirement

• Not be delinquent on any Federal debt such as a student

loan or other FHA-insured mortgage
• Meet flexible credit requirements.

But FHA loans have a reputation of being difficult to work around for both buyers and sellers. But recent changes have resolved most of those objections.

For instance:

• FHA no longer limits what closing costs the homebuyer is permitted to pay. Sellers formerly had to pay some additional closing costs that FHA would not allow the buyer to pay.
• FHA has eliminated unnecessary requirements to make minor repairs. Another headache for sellers that has been resolved.
• The buyer's entire cash investment-as little as 3.5%-can be a gift from a family member, employer, charitable organization or local government entity.
• The seller can contribute up to six percent of the home's price toward the buyer's closing costs. Lots can be done with 6%! (interest rate buy-down, pre-paid interest on the loan, etc.)

So you can see why these loans are once again so popular.

Considering a home purchase? Contact us and we'll put you in touch with one of our FHA loan contacts to see if you qualify, and if so, for what loan amount.

Sellers: Buyers are shopping homes that offer FHA financing. Make sure your property is marketed with that in mind. Looking to sell?

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Tee Time Anybody...Hello?

Read Also: Real Estate Analysts Predict Foreclosure Flood

Read Also: Uniform Short Sales Guidelines in the Works

Read Also: Price Stabilization is the First Step to Recovery

If you want to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.

Related Posts