FHA Home Mortgage Loan Interest Rates

4 Responses to “How to get a FHA Home Loan in Orlando, FL?”

1. MissV says:

   December 23, 2009 at 8:47 am

   Any loan officer, whether a bank, credit union or mortgage company can help you. At one time there was talk that FHA would require 5% down rather than the former 3%. Credit scores are now the issue. If your score is over 750 and you have more than 10% to place down, you shouldn’t have a problem. Get pre-approved before driving around looking at houses.
2. Steve D says:

   December 23, 2009 at 8:49 am

   FHA acts as a loan guarantor which enables banks to lend to more people, since they know they will get their money one way or the other. You first need to find a bank that makes FHA loans (not all do). Try a mortgage broker as the broker can shop for the best rate.

   Also, plot on having cash for at least 3% down. As for how much you can borrow, that depends on your income and credit score. Once you find a mortgage broker, question him/her how to get pre-approved for the mortgage. The bank will give you a figure you can borrow up to (you don’t have to go that high). That will help you when you get a real estate agent – you can give your price range and a excellent agent will only show houses within your price range.
3. Landlord says:

   December 23, 2009 at 9:01 am

   Steve hits it on the head.

   Make sure you tell your real estate agent you are going FHA. MANY sellers and banks will not sell to you, mostly because the house has to pass their inspection (no fixers). Your agent needs to know upfront so that he can assure you will be allowed to buy the homes you are looking at.
4. THE Cupid HATER says:

   December 23, 2009 at 9:45 am

   Check the Govt. listing in the phone book.
   Check out http://www.hud.gov on your computer!

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