FHA Loan

FHA Loan

Buying a home is an important step to financial security, and the right mortgage financing can make it a reality.


The Federal Housing Administration (FHA) insures qualified loans provided by Community Mortgage Corp.to promote homeownership for those with:
  

  • low- or moderate-income
  • limited savings

FHA loan limits vary by county, with larger loan amounts allowed in areas with higher housing costs. Contact a Community Mortgage Corp. 203(k) mortgage consultant to see about FHA loan limits in your area, or click here.

      
FHA loan features include:

  • Low down payment requirements
  • Flexible income, debt, and credit requirements to help borrowers qualify
  • Down payment and closing costs that may be funded by a gift, grant or secured loan
  • A variety of fixed-rate and adjustable-rate loan options from Florida Home Finance Group

 

Fixed-Rate Mortgage Loan

Fixed-rate mortgages give you the security of knowing your monthly principal and interest payment will not change.  Florida Home Finance Group provides a variety of fixed-rate products, with loan terms ranging from 10 to 40 years.

  • Predictable payments.  The monthly principal and interest payment is fixed over the life of the loan.
  • Protection from rising interest rates. No matter how high market interest rates go, your mortgage rate remains the same over the life of your loan.

For homebuyers with the following consideration points:

  • Prefer regular payments with no surprises
  • Have limited or fixed incomes
  • Plan to stay in their homes a long time
  • Are buying a home at a time when interest rates are comparatively low

Related Information: Fixed-rate loans backed by government agencies (such as FHA and VA mortgages).

Adjustable-Rate Mortgage

  • Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions
  • Lower initial rate than with a fixed-rate mortgage
  • A variety of fixed-period options ranging from one to ten years

For homebuyers with the following consideration points:

  • People looking to increase their short-term cash flow
  • Buyers who need a larger loan amount than they can qualify for with a fixed-rate mortgage
  • Homebuyers who plan to move or refinance within a few years