Question by Pratt: what is a FHA home in Florida?
after the market in florida went down i’ve been hearing about FHA, more about case what exactly is that though? and what kind of rates can i expect?
Best answer:
Answer by MDrape
Its a type of mortgage, not a type of home. It is backed by the government to help first time home buyers get a home with a lower down payment and their credit restrictions are a little more lienient
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FHA is a type of mortgage, not a home – requires 3.5% down payment and has some guidelines you have to follow – talk to a mortgage broker
FHA is a mortgage with 3 1/2 percent down. You need a credit score of 620 (usually) The rates right now are in the low fives. The only downfall to these are they are very strict with the condition of the homes. They look for roof conditions to be good, no peeling paint on exterior of the house, railings to stairs must be up to code, heating system must be fully functional. So if you are looking to buy a forclosed property be prepared for some issues with this type of loan!