Homebuyers in Jacksonville have several financing options when it comes to home mortgage financing. One of the most popular in Duval County is the FHA mortgage loan. The FHA mortgage program started as a way of increasing ownership by providing more homeownership opportunities with a cheaper and limited down payment requirements.
Here are some reasons Jacksonville home buyers should consider the FHA mortgage program:
- Great alternative to subprime loans – Florida FHA mortgage loans can be used as an alternative to subprime loans. Unlike most other loans Florida FLA loans have a very low interest rate. Moreover the homeowner have a secure fixed interest rates and be exempted from paying any repayment fees.
- Low down payment - Another major advantage of the Florida FHA loan is the low down payment. Just 3.5 % is all that is needed to purchase a home in Duval County / Jacksonville. In addition, the down payment can come in the form of a gift.
- No hidden charges – The Florida FHA home loan is a very transparent like all government home loans. Unlike subprime home loans which led to numerous foreclosures over the years, the FHA loan does not have any hidden charges, excess fees or sudden spikes in interest rates.
- No cash reserve requirement – At the time of closing, most traditional mortgage loans require the applicant to show that they have adequate cash reserves on hand. This usually is a deterrent for most middle class homeowners, as they are required to show thousands of dollars in addition to the money that is required for closing costs and down payments. However the FHA loan has no such requirement.
- FHA loans are readily available – The Florida FHA loan is an extremely popular financing solution and is readily available nationwide. A growing number of mortgage lenders are offering this program. The entire loan pre-approval process only takes around 15 min.
Questions and need answers? Stop by and visit us at www.FhaMortgageSource.com for more details, or call 904-302-6060
Thinking about purchasing a home in a rural area of Lake, Duval, Volusia County? Please also be sure to check into the 100% USDA home loan at www.UsdaMortgageSource.com
Servicing all of North East Florida – including Jacksonville, Green Cove Springs, St. Augustine, Duval Park, St. Johns, Duval, Nassau County.
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