FHA Mortgage Loans In Boca Raton

Looking for the right dream home, in this day and age, can sometimes prove to be a challenge in and of itself. But it can be even more challenging when you’re looking for the right mortgage lender. There are numerous options to select from, especially in Boca Raton, FL where there are countless FHA loan lenders who are more than willing to offer you the best deal around. But even though they may seem promising, it’s crucial you’re aware that the FHA loan in Boca Raton they offer won’t provide the same set of terms and conditions. And if you’re frustrated with trying to find the right loan lender, then don’t keep burdening yourself and call American Bancshares today!

Our company has gained 20+ years of experience that has accumulated through our continuous, high-end services as well as our deep devotion to empowering communities. Our expertise is a surefire guarantee that our team of experts is the premier FHA mortgage lenders in Boca Raton. If you would like to learn more about why you should choose American Bancshares as well as what an FHA loan is, then continue reading below.

Why You Should Choose American Bancshares For an FHA Loan in Boca Raton

We are recognized nationally as one of the most highly-rated, established, and reliable FHA home loans Boca Raton service providers. For more than 20 years, our organization has empowered partners and helped communities.

American Bancshares’ structure was designed and developed by industry experts who are deeply versed and educated about the modern home financing market. Unlike a regular bank, our organization offers mortgage products, meaning that all of our FHA loan lenders in Boca Raton are licensed and well-versed in mortgage lending. Our staff isn’t only devoted to providing you ethical and professional advice, they’re also dedicated to helping you in finding the right loan with an optimal rate, terms, and even cost-effectiveness to fulfill your best interests.

Our deep devotion to helping communities spawns from our core values of an organization as a whole: commitment, integrity, and transparency.  Most of our team — including our senior management — have held a seat in all positions of the mortgage industry, allowing us to gain insight into the industry from multiple perspectives. And thanks to such insight paired with expansive knowledge, we’re able to efficiently adapt to industry trends while still providing you with super service and first-in-class customer services that we’re so widely known for.

We carry leveraged technology in order to provide you a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll gain FHA home loans in Boca Raton that will assist you in acquiring property you seek to buy.

FHA Loan in Boca Raton

There’s a common myth that if you earn a low income and possess an even lower credit score, you’re not able to buy a home. However, this couldn’t be further from the truth. When you’re provided a Federal Housing Administration (FHA) loan given by an FHA-approved Boca Raton mortgage lender, you can trust that you’ll be able to purchase property easily when you’re financially disadvantaged.

An FHA loan in Boca Raton is meant to assist low-to-moderate income borrowers. They don’t require that you meet the standard criteria you’ll often see in conventional loans. Some instances 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%. And even if you have a credit score that’s lower than 580 (between 500-579) you’re still able to qualify for FHA home loans in Boca Raton as long as you’re able to make a 10% down payment.

Part of being FHA loan lenders in Boca Raton is that we’re deeply committed to continuously improve the quality of communities. If you have a low credit score and need assistance in paying for the acquisition of property, feel free to call us.

FHA Loans Vs. Conventional Loans

FHA home loans in Boca Raton are offered to those with credit scores that are as low as 500. If you happen to have a credit score that falls between 500 and 579, you may be able to qualify for an FHA loan in Boca Raton if you’re able to make a down payment of 10%. If you carry a credit score of 580 or higher, you can still get an FHA loan with a down payment as little as 3.5%. Compared to a standard loan, you might need a credit score of at least 320 and make a down payment between 3% and 20%.

Like any other mortgage loan, an FHA loan in Boca Raton will require that at least two years have passed since the borrower experienced a bankruptcy event. You must also be at least 3 years removed from any mortgage foreclosure events and must also demonstrate that you’re working to re-establish good credit. If you’re titled as a delinquent on your student loans and/or income taxes, you won’t have to qualify for an FHA loan in Boca Raton.

Types of FHA Loans

There are 5 types of FHA loans in Boca Raton, they are:

  • Traditional Mortgage
      • A traditional mortgage is used to finance a primary residence
  • Home Equity Conversion Mortgage
      • If you are aged 62 or older, then this FHA loan type might be the best choice for you. This reverse mortgage converts the equity of your home into cash while still retaining the title of your home. You’ll be able to choose how to withdraw your funds (either as a fixed monthly amount or a line of credit).
  • 203(k) Mortgage Program
    • This program factors in the cast of certain repairs and even renovations into the loan. It allows you to borrow money for both property purchased and home improvements. This FHA loan in Boca Raton 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 in Boca Raton, your initial monthly payments that gradually increased will be lowered, 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 Boca Raton

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA lenders in Boca Raton, 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. 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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