The FHA is a great loan as it gives home owners a very low down payment option, allows features that conventional loans do not (a conventional loan is any loan that is not a government loan), and has historically very low interest rates. Currently the FHA will allow a loan amount up to $291,250 for a single family residence in Brevard County, Fl. Right now this limit is good through the calendar year 2009, however, there is talks of extending the limits into 2010.
Just to recap, here is a list of some features of the FHA loan:
Source of Down Payment Flexibility
Great Rates and Low Monthly Mortgage Insurance
Low Down payment option - Minimum of 3.5% of the purchase price
Seller Paid Closing costs - seller can pay up to 6% of the purchase price towards closing costs and prepaids
No penalty for lower credit scores -, you are not penalized for having a lower qualifying score, however, most lenders have a minimum of a 620 credit score.
Rehabilitation loan option - there is even an FHA loan that will allow you to finance repair or updating into the loan.
While there are many great loan options still available in Brevard County, the FHA is not right for every person and borrower. This is why it is imperative to contact a mortgage professional to help you find the product that best fits your situation.