FHA Mortgage

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FHA MORTGAGES

North Miami Beach FHA Loans, Commercial Mortgage Loan Miami, North Miami Commercial Mortgage, 5-Star Mortgage Company Hallandale

FHA loans are issued by federally qualified lenders and backed by the Federal Housing Administration. These types of loans are typically designed for low-to-moderate income borrowers who are unable to make a large down payment.  FHA loans are typically more flexible in credit and income requirements than conventional loans.

North Miami Beach FHA Loans, Commercial Mortgage Loan Miami, North Miami Commercial Mortgage, 5-Star Mortgage Company Hallandale

FHA Loan Benefits

  • Credit score requirements are lower compared to other loans.
  • You could potentially qualify for an FHA loan if you have had financial issues in the past.
  • They’re available with fixed or adjustable rates and for 30- or 15-year terms.
  • They have low down payment requirements. You can put down as little as 3.5%.
  • You may potentially refinance an FHA loan with less documentation and you may not need an appraisal.
  • FHA allows 100% gift for down payment.

Cons of an FHA Loan

  • Normally you will have to pay an upfront mortgage insurance premium (MIP) as well as monthly MIP, which is included in your mortgage payment.
  • The FHA loans are not available for second homes and investment properties.
  • The FHA loan limits are generally less than conventional loans in most counties.

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Credit can be confusing and complex. We’ve created these four initial short videos to help you better understand FICO® Score basics.

Credit reports are the foundation of FICO® Scores, but what are they exactly? Watch this video to find out which information on credit reports does and doesn’t impact FICO® Scores.

Every day, thousands of U.S. lenders use FICO® Scores to make more well-informed, credit-granting decisions. What does that mean? Why is it important to understand how lenders use them? This video takes a look at what a FICO® Score is and why it matters to consumers and lenders alike. Watch it to learn how FICO® Scores streamline the lending process, making it faster and fairer.

Whether applying for a credit card, mortgage, or auto loan, there’s a good chance the lender is using FICO® Scores to help make their approval decision. The good news is, FICO® Scores are ultimately in the individual’s hands — they’re based on credit habits and behaviors. That’s why understanding what goes into FICO® Scores is a vital part of credit health. Watch this video to learn the five key categories that factor into FICO® Scores.

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