FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs. The Magnano Group is the leading provider of FHA loans in Apollo Beach, Riverview, Brandon and Tampa as well as the whole state of Florida. For more information about FHA loans and how to qualify, contact us today at 813-699-1740.
What are FHA Loans?
These are government backed loans that allow borrowers to finance a house as their primary residence. A side note to make, FHA does not have anything to do with only dealing with first time home buyers. It’s a low down payment option for a borrower to borrower money now instead of having additional money saved down.
Advantages of FHA Loans
It’s a low down payment option for a borrower to borrower money now instead of having additional money saved down.
How to qualify for a FHA Loan?
Borrowers need to have credit scores, qualifed income and at least 3.5% in down payment on the sales price.