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FHA Loans, Great For Ocala Home Buyers

Often times when home buyers hear the term "FHA" they automatically think the FHA program is designed for first time homebuyers or have some special qualification rules.  And while first time home buyers in Ocala make for a sizable share of FHA loans, they're not exclusively for first timers.
 
FHA loans are much easier in which to qualify when compared to conventional loans underwritten to conventional standards.  FHA loans also require as little as 3.5% down while still offering competitive interest rates. If fact the interest rates with FHA loans are some of the lowest available of any mortgage program available in Ocala. And if cash-on-hand is an issue, FHA has the most lenient rules when it comes to getting help from relatives to buy a home.
 
FHA also establishes its own customized maximum loan limits based upon a particular county instead of imposing a "one size fits all" approach. For example, Ocala is located in Marion County. The FHA loan limit for Marion County is $271,050 for a single family home whereas nearby Lake County has a maximum loan limit of $274,850. 
 
This customization of loan amounts attempts to match local housing prices with the appropriate loan product.  That's why higher-priced ... more

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