Anybody in the housing industry can tell you it takes more than a smile to secure a mortgage in Davie, FL. Plenty of people look into FHA mortgages in Davie all the time because, the FHA has a storied tradition of helping those who wouldn’t traditionally qualify for a loan in the public sector. For nearly eighty years, the FHA has helped those who were affected by Depression, Discrimination, and Economic turmoil. The “Back to Work” Program helps those who have filed for Chapter 7 or Chapter 13 bankruptcy garner fair rates for home loans and financing, through training and courses that emphasize fiscal responsibility and homeownership. Furthermore, the FHA has partnered with the Department of Veteran Affairs (VA) to provide veterans with fair home loans, and affordable interest rates. Best of all, VA mortgage loans generally have no down payment, and in some cases, down payments as low as $200. In Boca Raton alone, over 300 veterans have found an affordable home loan through the FHA (Federal Housing Association Department of Vital Statistics, 2012).
Perhaps the most difficult facet of the home buying process is garnering a comparable down payment, which, on average, is 20% of the total cost of the home, or about $16,432 down for the average home loan in Boca Raton (Federal Housing Association, 2012). This is quite daunting for the average family, and as a result, the FHA has created a myriad of programs to help. In the case that you secure a loan insured by the FHA, then a down payment will only be 3.5%, and the loan itself will include the closing costs, which, on average (home inspection, forms, real estate agent closing fees) is nearly $5,000 (Department of Housing and Urban Development). In the event that the costs for closing include repairs (or, if the home itself is a “fixer-upper”, and needs to be brought to code), the FHA will include these costs in the loan in order to keep the Down Payment affordable.
The FHA offers a vast array of options and assistance for prospective home owners in Davie—from private home loans, financing, and mortgage, the Federal Housing Authority is here to help get you into the home of your dreams! Hiring a company like Ace Mortgage Loan Corporation for your mortgage in Davie, FL makes a lot of sense. If you’re looking into an FHA mortgage or any other kind of home loan, then contact the professionals at Ace Mortgage Loan Corporation.