FHA Loans

FHA mortgage
There are several reasons why someone might choose to have an FHA mortgage:
Lower down payment requirements: FHA mortgages require a lower down payment compared to conventional loans, which can make it easier for people with limited savings to purchase a home.
More lenient credit score requirements: FHA loans may be easier to qualify for if you have a lower credit score, although specific requirements can vary depending on the lender.
Government backing: FHA loans are backed by the Federal Housing Administration, which can provide added security for lenders and borrowers.
Fixed-rate options: FHA loans offer fixed-rate options, which can provide predictability and stability for borrowers.
Streamlined refinancing: FHA loans can also offer a streamlined refinancing process, which can help borrowers save time and money if they want to refinance their mortgage.
It's important to note that there are also some potential drawbacks to FHA mortgages, such as required mortgage insurance premiums and more stringent property standards. It's important to carefully consider your options and work your Belleair Mortgage representative to determine if an FHA mortgage is the right choice for you.
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Frequently asked questions

How much can I borrow with FHA?
The amount you can borrow with an FHA loan depends on several factors, including your income, credit score, debt-to-income ratio, and the property's appraised value.
The FHA sets loan limits annually based on the median home price in the area where the property is located. In 2021, the FHA loan limits range from $356,362 for a single-family home in low-cost areas to $822,375 in high-cost areas.
However, your lender may also have their own lending criteria that could affect how much you can borrow. It's always best to consult with your Belleair Mortgage representative to get a more accurate estimate of the amount you could borrow with an FHA loan.
How do I know which mortgage is the best fit?
Choosing the right FHA mortgage can depend on several factors, including your financial situation, credit score, income, and the type of property you're interested in purchasing. Here are some steps you can take to help you decide which FHA mortgage is right for you:
Determine how much you can afford: Before you start looking at FHA mortgages, you need to determine how much house you can afford. You can use an online mortgage calculator to get an estimate of how much your monthly mortgage payments will be based on your income, expenses, and down payment.
Decide on a loan term: FHA mortgages are available in 15-year and 30-year terms. A 15-year mortgage will have higher monthly payments but a lower overall cost, while a 30-year mortgage will have lower monthly payments but a higher overall cost.
Consider the type of property: FHA mortgages are available for single-family homes, multi-unit properties, and condos. Depending on the type of property you're interested in, you may need to choose a specific type of FHA mortgage.
Seek professional advice: Consult with your Belleair Mortgage representativewho can help you navigate the FHA mortgage process and make an informed decision.
How can you help me get a mortgage?
It's easy to get started! Simply click the secure link below:
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Home Buying Process

01.
Get preapproved for a mortgage.
02.
Find the right home and make an offer.
03.
Submit a mortgage application along with other required documents.
04.
Receive a closing disclosure and schedule closing.

Speak to an expert mortgage adviser today Give us a call at (727) 228-0460

Mortgage companies are required by law to comply with fair housing regulations that prohibit discrimination based on race, color, national origin, religion, sex, familial status, and disability.
When applying for a mortgage, the company should provide you with a fair housing disclosure that explains your rights under the Fair Housing Act, which is a federal law that prohibits discrimination in the sale, rental, and financing of housing based on the aforementioned protected classes. The disclosure may also provide information about how the company will comply with fair housing laws and regulations.
It is important to review the fair housing disclosure carefully and to ask any questions you may have. If you feel that you have been discriminated against by a mortgage company, you may file a complaint with the U.S. Department of Housing and Urban Development or with your state's fair housing agency. Belleair Mortgage, LLC 2023. All rights reserved. NMLS#2084331