FHA home loans remain one of the most popular financing option in 2014 for Brevard and Indian River County home buyers. This is greatly due to the minimum 3.5% down payment FHA loans allows. Government insured mortgages offer many benefits and protections that you will not find in other loans including:
Low cost: FHA loans have competitive interest rates because the Federal government insures the loans for banks and lenders.
Smaller down payment: Florida FHA loans have a low 3.5% down payment requirement and the money can come from a family
member, in the form of a gift.
Easier qualification: Because FHA insures your mortgage, lenders and banks are generally more willing to give you loan terms that make it easier for you to qualify.
Fix Rate Terms: FHA allows up to 30 years at low fixed rates. This provides homebuyers security in knowing their monthly mortgage payment will remain the same.
It’s important to understand that FHA does not lend people money for a home and it does not set the terms and interest rates. Instead
FHA insures loans for lenders against defaults. The FHA mortgage program is offered by FHA approved lenders and banks.
Documentation required for FHA Pre-Approval 2014
- Primary and Co-Borrower income and full two year work history. Tax returns and / or W2’s
- Asset account balances including checking, savings and retirement (401K, IRA) accounts
- Primary and Co-Borrower Social Security Numbers for Credit Report, plus copy of ID.
- Past two year residence history and acceptable verification of rent.
Questions? We are available to assist you 7 days a week. For fast service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Be sure to also visit www.FiveStarsMortgage.com for the latest mortgage info. You can also call ph: 800-871-2636
Serving Indian River County and Brevard County – Fellsmere, Indian River Shores, Orchid, Roseland, Sebastian and Vero Beach. Cape Canaveral (Port Canaveral), Cocoa, Cocoa Beach, Grant, Indialantic, Indian Harbor Beach, Malabar, Melbourne, Melbourne Beach, Melbourne Village, Merritt Island, Micco, Palm Bay, Palm Shores, Port St. John, Rockledge, Satellite Beach, Suntree, Titusville, Valkaria, Viera and West Melbourne.