FHA home loan presents a great home financing opportunity for first time buyers around Pensacola. Why you might ask? FHA loans still only require 3.5% for a down payment, which is great for many first time home buyers in Escambia County. Also the loan amount limits are pretty generous with FHA, which give first time buyers some added flexablity.
In addition to good FHA loan amount limits in Escambia County, the FHA loan allows for a min down payment of only 3.5% for approved homebuyers that have credit scores above 600. 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 Escambia County have limited options when it comes to reduced down payment mortgage, FHA is a great 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 Escambia County are also encouraged to research the 100% government backed USDA RD Loan 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 $925 per year. Lower FHA MI rates combined with super low interest rates does make this a great time for Pensacola buyers to enter the housing market. If you have questions about getting the FHA program or getting pre approved, please contact us Monday-Sunday at ph: 800-871-2636 - www.FiveStarsMortgage.com
Five Stars is Florida’s FHA resource leader and happy to serve all of Florida including Escambia County - Bellview, Brent, Brownsville, Cantonment, Ensley, Gonzalez, Molino, Muscogee, Myrtle Grove, Pensacola, Pensacola Beach, Perdido Key, FHA lender bank approval requirements.
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