Can I Qualify for a New FHA Mortgage in Boca Raton?

When you’re searching for a great mortgage in Boca Raton, it’s important to get the right help. At Ace Mortgage Loan Corp., we’re here to help you find your best mortgage fit! We work with a wide variety of mortgage types, and FHA loans are some of the most popular options on today’s market. A FHA loan is a mortgage that’s been insured by the Federal Housing Administration. FHA mortgages are especially popular for first time homebuyers seeking their ideal mortgage in Boca Raton. That being said, there are various factors and eligibility requirements for this type of mortgage in Boca Raton. We’re here to help you understand if FHA is your best fit! 

Is an FHA mortgage in Boca Raton right for me? 

There are many mortgage types on the market these days. For first time homebuyers, meeting the requirements of many mortgages can be a challenge. But our team at Ace Mortgage Loan Corp. can help. Our mortgage brokers are here to connect you with the loan that’s your best fit. FHA mortgages are a great choice for first time homebuyers who have difficulty meeting the down payment and credit requirements of other mortgage types. 

FHA mortgages offer requirements that work with a wider range of homeowners. That’s because FHA loans offer benefits such as: 

  • FICO Score Requirements as Low as 500 
  • Down Payment as Low as 3.5% 
  • 43% to 50% Maximum DTI  
  • Availability for Individuals Who Have Filed for Bankruptcy  

With an FHA mortgage in Boca Raton, it’s important to find a property that meets FHA requirements. Typically, the biggest issue that holds a property back from an FHA loan is its appraisal. If the property does not meet minimum standards, then it may not qualify for an FHA mortgage in Boca Raton. Even if the property doesn’t appraise properly, it may still be eligible for an FHA mortgage after repairs are made by the seller.  

How can I get started on finding a mortgage in Boca Raton?  

If you’re looking for a great mortgage in Boca Raton, an FHA mortgage may be your best fit. Call our team at Ace Mortgage Loan Corp. to learn more about our mortgage services. Whether you’re looking for FHA mortgages or other options, we can help you find your best fit. Call us today to get started!

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