FHA Mortgages Help Many Homebuyers

Duval County

In October 1929, the economic prosperity Americans enjoyed for most of the century came to a screeching halt. During this period, many people had put their savings and earnings in risky investments, particularly buying of stocks on margin in the so-called “Hoover bull market.” People in that era often invested in the stock market, obtaining money by borrowing from banks and mortgaging their homes.

What is the Federal Housing Administration?

Known as "FHA," the Federal Housing Administration was created in 1934 as the largest insurer of mortgages in the world, and subsequently, it has insured over 34 million properties since its inception. Under our 32nd president of the United States, Franklin D. Roosevelt, the FHA was introduced as a needed entity to secure stability in the financial market again.

FHA loans, as government insured loans, allowed lenders to offer buyers better deals in mortgage rates with low down payments, low closing costs and more lax credit qualifications required.

What can a FHA loan do for you?

1^st Time Home Buyers

In purchasing Saint Augustine, Florida real estate, a FHA mortgage might be just what you need. Your down payment can be as low as 3% of the purchase price, and most closing costs and fees can be included in the loan.

“Fixer Uppers”

The FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, you can refinance your existing home you want re-modeled or repaired, paying off what you owe and adding the cost of repairs all in one loan.

Senior Citizens

Many times, senior citizens do not have sufficient income to enjoy their lifestyle and need just a bit more cash. Those 62 and older can get a FHA Reverse Mortgage to help them, converting a portion of equity into their needed available funds.

Going Energy Efficient?

Another FHA loan will allow you to include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

Your Realtor assisting you with your Saint Augustine, Florida real estate will be aware of FHA mortgages and requirements and can also recommend a lender to tell you more about FHA loan products. Whether you have less than stellar credit, minimal down payment funds, or simply want to take advantage of lower interest rates, FHA loans can help you finance the home of your dreams.

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