FHA provides different home financing options that helps make home ownership easier for Florida home buyers. Even with limited credit, down payment and resources, the FHA program offers great flexibility in 2015. Everyone knows that real estate around Tampa and St. Petersburg is quit expensive, and many buyers have trouble saving the 10% + down payment required by most conventional loans. The FHA program is widely used throughout Hillsborough and Pinellas County in 2015. With financing up to 97.5%, homeownership is suddenly obtainable for many Florida homebuyers.
In addition to reduced down payments of only 3.5%, FHA just reduced the FHA monthly mortgage insurance (PMI) costs in Jan 2015. Florida buyers can now qualify for more or enjoy reduced payments on a mortgage for the same home. This also applies to homeowners that currently have a FHA mortgage at the higher mortgage insurance ( MIP) costs. If you purchased a home in the 3 years with the FHA program, please contact us now to see if a FHA loan refinance with lower MIP makes sense for you.
Some Benefits of the FHA Loan:
- Lower credit scores are acceptable
- Owner occupied properties only
- Up to 30 year fixed rate term
- Down payment as low as 3.5%
- Refinance permitted with NO equity or appraisal
- 100% gift funds may be used for down payment and closing costs
- Seller can pay buyers closing costs - up to 6 percent.
- No pre-payment penalties, or early termination fees.
- Non-occupant co-borrowers or co -signers allowed.
The FHA mortgage program offers Florida residents some of the lowest fixed rates available today. Five Stars is Florida's "Local" FHA loan leader serving all of Pinellas County and Hillsbrough County -
Belleair Shore, Boca Ciega, Clearwater, Crystal Beach, Dunedin, East Lake, Gulfport, Indian Rocks Beach, Indian Shores, Kenneth City, Largo, Madeira Beach, North Redington Beach, Oldsmar, Palm Harbor, Pinellas Park, Redington Beach, Redington Shores, Safety Harbor, Seminole, Saint Peterburg Beach, St. Petersburg, Sunset Beach, Tarpon Springs, Tierra Verde, Treasure Island. Apollo Beach, Balm, Bealsville, Bloomingdale, Brandon, Dover, Gibsonton, Lithia, Lutz, Mango, Orient Park, Plant City, Riverview, Ruskin, Seffner, Sun City Center, Tampa, Temple Terrace, Thonotosassa, Valrico, FHA loan lender broker
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