Applying for a FHA Loan Is a Possible Solution for Fort Lauderdale Residents Looking to Buy a Home Now

 

No bank lends money for free. Go to any Fort Lauderdale bank and apply for a home loan, and they will charge you interest. So how can families in Fort Lauderdale afford to buy a home? One way is by securing a Federal Housing Administration (FHA) Loan.

 

In a nutshell, the Federal Housing Administration backs the loan to make it more affordable to the buyer. Backing simply means insuring the lender if you were to default on the loan, the lender will be reimbursed by the government.

 

So now you're probably asking, "Okay, what's the catch?" The catch is that you, the homeowner, has to pay mortgage insurance premium. The premium is a percentage of the loan amount.

 

After learning about that hidden detail, you may now think an FHA loan isn’t the way to go when buying your new Fort Lauderdale home. Until we sit down and speak with you, it’s hard to answer that question. What we can do however, is explain the real benefit of an FHA loan which is a small down payment.

 

FHA Loans Only Require a 3.5% Down Payment

If you're able to secure this loan, then your down payment will be 3.5% on the sale price. This could be very helpful to those Fort Lauderdale residents who are cash strapped, but have the job security and sufficient monthly income to qualify.

 

Again, this is determined case-by-case. There are a lot of little details involved with FHA loans that we would love to sit down and chat to you about. It’s extremely important that you know exactly what you’re getting into when buying a new home.

 

If you’re ready to apply for an FHA loan and live in and around the Fort Lauderdale area, give us a call now. Our interest is making sure we treat your money as if it is our own. It’s hard to say what will happen 15 to 30 years from now to you, so call us up, or come in for a chat so we can plan every important detail. That way, when the day comes to close your brand new Fort Lauderdale home, you can sit back and just enjoy the moment.