2015 Pensacola first time buyers have a few government loan choices for home financing in 2014. A popular in Escambia County is the FHA mortgage loan. USDA and VA home loan are also wonderful choices for those buyers that are eligible. For this post we will focus on the FHA loan program. First it’s important to understand the FHA mortgage program started as a way of increasing ownership in America. The government believed they could provide more homeownership opportunities by limited down payment requirements and other obstacles.
Here are some reasons Pensacola home buyers should consider the FHA home loan:
- Government back, safe and secure – Home buyers can rest easy knowing the loan terms are secure and the program is government backed. The FHA loan has no early pay off or pre penalty fees.
- Low down payment – Another major advantage of the FL FHA loan is the low down payment. Just 3.5 % is all that is needed to purchase a home in Pensacola. In addition, the down payment can come in the form of a gift from family, etc.
- No tricks – The Florida FHA home loan is a very transparent like all government home loans. Unlike subprime home loans which led to numerous foreclosures over the years, the FHA loan does not have any hidden charges, excess fees or sudden spikes in interest rates. Most homebuyer opt for a secure 30 year or 15 year term.
- No savings requirement – At the time of closing, most traditional mortgage loans require the applicant to show that they have adequate cash reserves on hand. This usually is a deterrent for most middle class homeowners, as they are required to show thousands of dollars in addition to the money that is required for closing costs and down payments. However the FHA loan has no such requirement.
- FHA loans easily obtained – The Florida FHA loan is an extremely popular financing solution and is readily available throughout Escambia County. A growing number of mortgage lenders are providing this facility. In addition, the FHA qualifying requirements are probably the easiest of any home loan today.
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Serving all of Pensacola First Time Buyers Program – FHA Loan – Escambia County – Cantonment, Ensley, Gonzalez, Molino, Muscogee, Myrtle Grove, Pensacola, Pensacola Beach, Perdido Key, Warrington, 2015