In the modern-day and age, searching for a home that best suits your needs can prove to be challenging. But it can even be more of a mission when you’re trying to find the right mortgage lender. There are many to select from, especially right here in the Sunshine State, where countless FHA loan lenders in Florida are willing to offer you the best deal. But even though they appear promising, it’s crucial that you’re aware not all FHA loans in Florida offer the same set of terms. Moreover, it’s equally imperative that you know only one will benefit you the most out of all others. And if you’re frustrated with attempting to find the right loan lender, then stop burdening yourself and call American Bancshares today!

With their 20+ years of experience gained through their exemplary provided services as well as their deep commitment to empowering communities, you can best believe that our staff of experts are the premier FHA mortgage lenders in Florida. If you wish to learn more about why you should hire us as well as what an FHA loan is, then continue reading below.

Why You Should Choose American Bancshares For an FHA Loan in Florida

Here at American Bancshares are known far and wide as one of the most reliable and highly established FHA loan lenders in Florida. For more than 20 years, our organization has empowered partners and assisted communities. As a result, our work has extended far across the entire nation.

The entire structure of American Bancshares was designed and created by industry experts who carry a deep understanding of today’s home financing market. Unlike banks, our organization offers mortgage products, meaning that all of our FHA loan lenders in Florida are licensed and well-versed in mortgage lending. Not only are they qualified to offer you professional and ethical advice, they’re also more than dedicated to help you find the right loan with an optimal rate, terms, and even cost-effectiveness to fulfill your best interests.

Our deep passion to serve the community comes from our core values as an organization as a whole: commitment, integrity, and transparency. Many of our staff members — including our senior management — have sat in every chair of the mortgage industry, allowing us to gain insight into the industry from all perspectives. And thanks to this in-depth perspective paired with deep knowledge, we’re allowed to effectively and efficiently adapt to industry change while still providing you with super service and first-in-class customer services that we’re so widely known for.

We possess leveraged technology to provide you with a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll gain an FHA loan in Florida that will help you acquire the property you seek to purchase.

FHA Loans in Florida

It’s commonly believed that if you earn a low income and possess an even lower credit score, you’re not able to purchase a house. This, however, couldn’t be further from the truth. With a Federal Housing Administration (FHA) loan granted to you by an FHA-approved Florida mortgage lender, you can trust that you’ll be able to purchase property easily even when you’re financially disadvantaged.

An FHA loan in Florida is created to help low-to-moderate income borrowers. They don’t require you to meet the standard requirements you’ll often see in conventional loans. Some examples of such lower-than-standard requirements include having a credit score that’s at least 580 and making a down payment as small as 3.5%. Even if your credit score is lower than 580 (between 500-579) you’re still able to qualify for an FHA loan in Florida as long as you can make a 10% down payment.

Being FHA approved mortgage lenders in Florida, we are deeply driven to continuously improve the quality of communities. If you have a low credit score and need help in paying for the acquisition of property, feel free to call us.

FHA Loans Vs. Conventional Loans

FHA home loans in Florida are available to individuals with credit scores that are as low as 500. If you have a credit score that falls between 500 and 579, you might be able to qualify for an FHA loan in Florida if you can afford a down payment of 10%. With a credit score of 580 or higher, you can get an FHA loan with a down payment as little as 3.5%. In comparison to a conventional loan, you’ll often need a credit score of at least 620 and make a down payment between 3% and 20%.

For an FHA loan in Florida (like any other mortgage loan), at least two years must have passed since the borrower experienced a bankruptcy event. You have to also be at least three years removed from any mortgage foreclosure events and must also demonstrate that you’re working toward re-establishing good credit. If you’re dubbed a delinquent on your student loans and/or income taxes, you won’t qualify for FHA loans in Florida.

Types of FHA Loans

There are 5 types of FHA loans in Florida, they are:

  • Traditional Mortgage
    • A traditional mortgage is used to finance a primary residence
  • Home Equity Conversion Mortgage
    • If you’re aged 62 years or older then this FHA Florida loan type may be right for you. This is a reverse mortgage that converts the equity of your home to cash while you still retain the title of your home. You’ll be able to choose how to withdraw the funds (either as a fixed monthly amount or a line of credit).
  • 203(k) Mortgage Program
    • This loan type factors in the cost of certain repairs and renovations into the loan. This loan allows you to borrow money for both property purchases and home improvements. This FHA loan Florida type will make a huge difference if you don’t have enough cash on hand after you make the down payment.
  • Energy Efficient Mortgage Program
    • With this mortgage loan, you’ll be granted extra funds to pay for energy-efficient home improvements that are intended to lower your utility bills.
  • Section 245(a) Loan
    • With a Graduated Payment Mortgage (GPM) this FHA loan type in Florida will lower initial monthly payments that gradually increase, and a Growing-Equity Mortgage (GEM) has scheduled increases in monthly principal payments resulting in shorter loan terms.

Hire American Bancshares For Their FHA Loans in Florida

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA mortgage lenders in Florida, pick up the phone and call the experts over at American Bancshares. American Bancshares has been trusted by numerous clients for not only their professionalism and expertise but also for their devotion to helping you become a part of a better community. You can trust that with their deep knowledge and handiwork, you’ll become absolutely satisfied with their services. For any inquiries, you may call us at 1-833-937-2276 or sign up for a free consultation online.

Our passion for growing communities

Servicing the community is driven by our core values of commitment, integrity, and transparency. Many of our team members and most of our senior management have sat in every chair of the mortgage industry, providing us with a full understanding of the business from all aspects. This in-depth knowledge is what allows us to quickly and efficiently adapt to industry change, while constantly providing you with superior processes and first-in-class customer service.

We have leveraged technology to bring you a simple, straightforward, online stress-free mortgage application experience.

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