At Continental Mortgage we specialize in helping clients acquire the best financing options for their new home. A popular loan option for many people in Tampa Florida is an FHA Loan. This loan is great for Floridians looking for a smaller down payment and more reasonably priced monthly payments.
An FHA Loan is backed by the Federal Housing Administration. These loans are insured by the US Government but are available through private licensed FHA lenders. FHA Loans were created during the Great Depression to stimulate economic growth and have given lower income Americans easy access to home ownership.
This loan type requires mortgage insurance from the Federal Housing Administration. This upfront mortgage insurance premium (UFMIP) is equal to 1.75 percent of the base loan amount at closing.
Lenders offering this loan type are approved by the US Department of Housing and Urban Development. Each lender is able to set their rates and at Continental Mortgage Capital we are able to offer some of the most competitive throughout the sunny state of Florida.
There are several factors which will help determine your rate such as your FICO credit score, payment history on other debts, and debt-to-income ratio. Those with a score lower than 620 typically have a higher interest rate.
The FHA loan program is designed to help lower income Americans gain access to reasonably priced homeownership. The loan program allows first time homebuyers to put as little as 3.5 % down and receive up to 6% towards closing costs.
Although an FHA loan was originally created to stimulate the housing market during the Great Depression, it is still very popular today. As one of the most common loan types, we are able to offer great customer service paired with very competitive rates to make sure that your home purchase is a positive experience.
At Continental Mortgage, we pride ourselves on helping Americans achieve their dream of homeownership. Although we are located in Miami Beach, we specialize in FHA lending in Miami and throughout the entire state of Florida.
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