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Category: Florida FHA Loan

At Fidelity Home Group, we are Florida FHA Loan Experts. We offer more options, more transparency and a simpler way to find the right mortgage program for your unique situation.

 

An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA), which is a government agency within the U.S. Department of Housing and Urban Development (HUD).

FHA loans are designed to help people who may not be able to qualify for a conventional mortgage, such as first-time homebuyers, those with lower credit scores, or those who cannot afford a large down payment.

One of the key features of an FHA loan is that it requires a lower down payment than many other types of mortgages. In general, borrowers may be able to put down as little as 3.5% of the purchase price. Additionally, FHA loans often have more lenient credit score requirements and may be more accessible to those with a history of bankruptcy or foreclosure.

However, it’s important to note that FHA loans also come with some drawbacks. Borrowers are required to pay mortgage insurance premiums (MIP) for the life of the loan, which can increase the total cost of the loan. Additionally, there are limits on how much you can borrow with an FHA loan, and the property you purchase must meet certain standards.

Should I Wait for Mortgage Rates To Come Down Before I Move?

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.But when rates start to come down, things...

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What You Really Need To Know About Home Price Headlines

According to recent data from Fannie Mae, almost 1 in 4 people still think home prices are going to come down. If you’re one of the people worried about that, here’s what you need to know.A lot of that fear is probably coming from what you’re hearing in the media or reading online. But here’s the thing to remember. Negative news sells. That means, you may not be getting the full picture. You may only be getting the clickbait version. As Jay Thompson, a Real Estate Industry Consultant, explains:“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points...

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Ways To Use Your Tax Refund If You Want To Buy a Home

Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains:“If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.”While how much money you may get in a tax refund is going...

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The Perks of Downsizing When You Retire [INFOGRAPHIC]

Some HighlightsIf you’re about to retire, or just did, downsizing can be a good way to try to cut down on some of your expenses.Smaller homes typically have lower energy and maintenance costs. Plus, you may have enough equity built up to fuel your move.If you’re thinking about moving to a smaller home, connect with a real estate professional to go over your goals and look at your options in the local market.

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Builders Are Building Smaller Homes

There’s no arguing it, affordability is still tight. And if you’re trying to buy a home, that may mean you need to look at smaller houses to find one that’s still in your budget. But there is a silver lining: builders are focused on building these smaller homes right now and they’re offering incentives. And that can help give you more options that fit the bill.Newly Built Homes Are Trending SmallerDuring the pandemic, homebuyers wanted (and could afford) larger homes – and builders delivered. They focused on homes that were bigger, so people had more space for things like working from home,...

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Should I Move with Today’s Mortgage Rates?

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming...

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The Top 5 Reasons You Need a Real Estate Agent when Buying a Home

You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing. But here’s the thing you really need to know – expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why.A real estate agent does a lot more than you may realize. Your agent is the person who will guide you through every step when buying a home and look out for your best interests along the way. They smooth out a complex process and take away the bulk of the stress of...

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Don’t Let Your Student Loans Delay Your Homeownership Plans

If you have student loans and want to buy a home, you might have questions about how your debt affects your plans. Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need.A Bankrate article explains:“Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”This...

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Bridge Loans Florida | Florida Bridge Loans

Bridge Loans Florida | Florida Bridge Loans At Fidelity Home Group, we are Florida Bridge Loan Experts! We offer more options, more transparency and a simpler way to find the right bridge loan program for your unique situation. A bridge loan is a short-term financing solution designed to bridge the financial gap between purchasing a new home and selling your current home. In situations where you intend to buy before selling, and thus lack the proceeds from the sale for your new home’s down payment, a financial challenge arises .NMLS ID 1834853 #floridabridgeloans #bridgeloansflorida #flo...

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