FHA home loan presents a great mortgage financing opportunity for first time buyers around Naples. Why? First – the FHA loan amount limits in Collier County are some of the highest in the state of Florida, currently $448,500 in 2015. This is great as buyers have more flexibility and purchasing power when choosing their perfect home.
In addition to higher FHA loan amount limits in Collier County, the FHA loan allows for a min down payment of only 3.5% for approved homebuyers that have credit scores above 620. Even homebuyers that have lower credit scores down to 580 may possibly have FHA financing options with larger down payments of 5-10%. First time buyers in Collier County have limited options when it comes to reduced down payment mortgage, FHA is a welcome choice for the new home buyers just starting out. The minimum down can even come as a gift from the buyers family, etc. Buyers looking to purchase in more rural locations of Collier County are also encouraged to research the 100% government backed USDA Rural Mortgage here.
To make things even better, FHA recently announced their plans to reduce/cut mortgage insurance costs in 2015, thus saving the average Florida homeowner $900 per year. Lower FHA MI rates along with near historic loan interest rates does make this a great time for Naples buyers to enter the housing market. If you have questions about the program or starting your FHA pre approved, please contact us 7 days a week. Please reach out to us today by calling 904-302-6060 (9am – 8pm)
FHA Mortgage Source is Florida's local leader in FHA loans, proudly serving all of Florida including Collier County - Ave Maria, Everglades City, Golden Gate, Immokalee, Marco, Marco Island, Naples FL. Naples Collier County - FHA Loan Guide
Comments(0)