An FHA Loan in Orlando is the best kept secret in town! The maximum mortgage amount for an FHA Loan in Orlando is currently $353,750. An FHA loan in Orlando would only require a down payment of 3.5% or $12,830. This equates to a mathematical sales price of $366,580! First and foremost, this would save your customer almost $5,500 in down payment if they were going 5% down conventional and $22,828 if they were putting 10% down conventional and they would still have a lower monthly MI payment, dollar to dollar.
A sales price of $373,368 would require 5% down, still get an FHA loan in Orlando and have a much smaller monthly MI payment as well! Your clients will LOVE you!
This number is well above the median sales price, will affect a large number and percentage of potential buyers, (many of whom would love to use an FHA Loan in Orlando), and will truly help your customers save money at closing.
FHA rates are in the mid to low 4's. How great is that? The FHA Loan in Orlando or the entire state of Florida is hard to beat for your customers who are looking to minimize their down payment and save their hard earned cash.
There are a lot of false perceptions about using an FHA Loan in Orlando for your real estate transaction, and I am going to begin dispelling them right now:
First, using an FHA Loan in Orlando does not require the same pristine condition inside and outside the house as was required 10 years ago so. For example, back a few years ago, there had to be a stove in the kitchen. FHA thought that if someone moved into the home, they had to be able to cook. I guess since they never required that a refrigerator be in place, cold food wasn't as important as hot food?
Now, appliances aren't required at all. FHA assumes they will be put in if someone will be living there. However, if the appliances are there, they must work! How is that for a ‘Catch 22'?
There are many other great reasons to use an FHA Loan in Orlando. I will be blogging about them all in my new FHA Loan in Orlando series. And, I am an FHA Financing Expert. I am the expert knowledge source for all of your FHA Loan in Orlando questions so catch all of the articles in this series.
And, since I am the number one FHA Lender in the state of Florida, I will help you!
Andy Brown, Your FHA, VA, and USDA/RD Financing Expert! www.OnLineFloridaMortgage.com
407-472-3443, 888-774-4410 ext 232