FHA Lenders in Ponte Vedra Beach
Are you looking for established FHA lenders in Ponte Vedra Beach? If you are ready to buy a home for the first time, an FHA loan could be your ticket to ownership. Thanks to lower down payment requirements and looser credit guidelines, these are great.
About the FHA Home Loan Program
The Federal Housing Administration administers the FHA home loan program, expanding ownership opportunities. At its core, the FHA program is a way for the government to guarantee loans for lenders.
As a result, if a buyer defaults on their payment, the lender will not be negatively affected. And, since there is not as much risk involved for the lender, they offer better terms for the buyer.
Benefits of an FHA Home Loan
The main benefits of an FHA loan are the lower down payment and looser credit requirements. Most of the time, buyers must put down 20% when using a conventional mortgage, but you only need 3.5% for an FHA. Also, you will not have as much trouble obtaining PMI using an FHA loan, expanding access to financing. If you can not afford a 20% down payment, then this type of mortgage may be right for you.
FHA Home Loan Application Process
Applying for an FHA loan is relatively straightforward, and it only takes a few minutes.
Here is a basic outline of the process:
1. Fill out an FHA loan qualifier
2. Receive a list of suitable options
3. Compare the extended terms and rates
4. Pick the one that best meets your needs
Contact The Mortgage Lady Team – Fairway Independent Mortgage Corp at https://themortgageladyteamfairway.com for more info on FHA home loans in Ponte Vedra Beach.