FHA Mortgage Loans in Orlando

In today’s modern world, seeking the right dream home can often prove to be a challenge in and of itself. But it can be even more difficult when you’re searching for the right mortgage lender. There are countless options to choose from, especially in Orlando, FL, where there are numerous FHA loan lenders who are more than willing to offer you the greatest deal around. But while they might look promising, it’s imperative you’re aware that the FHA loan in Orlando, FL they offer won’t provide the same set of terms that another will. Plus, it’s equally crucial you’re aware that not all will provide the same set of terms and conditions. And if you’re burdened with trying to find the right loan lender, then don’t keep burdening yourself and call American Bancshares today!

The 20+ years of experience we’ve accumulated through our continuous, exceptional services as well as our deep dedication to empowering communities is a surefire guarantee that our staff of professionals is the premier FHA mortgage lenders in Orlando. 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 Orlando

Our company is recognized far and wide as one of the most highly rated, established, and reliable FHA home loans Orlando service providers. For more than 20 years, our organization has empowered partners and helped communities. And due to this, our services have extended far across the country.

American Bancshares’ structure was created and designed by industry professionals who are deeply knowledgeable and versed in the modern home financing market. Unlike your standard bark, our organization offers mortgage products, meaning that all of our FHA loan lenders in Orlando are licensed and well-versed in mortgage lending. Our employees aren’t only dedicated to providing you ethical and professional advice, they’re also devoted to assisting you in finding the right loan with an optimal rate, terms, and even cost-effectiveness to fulfill your best interests.

Our deep drive to assist communities derives from our core values of an organization as a whole: commitment, integrity, and transparency.  Most of our staff members — including our senior management — have held a seat in every single position of the mortgage industry, allowing us to gain perspective into the industry from multiple standpoints. And thanks to this in-depth perspective paired with deep knowledge, we’re allowed to effectively adapt to industry change while still providing you with super service and first-in-class customer services that we’re so widely known for.

Our company possesses leveraged technology in order to give you a simple, straightforward, online stress-free mortgage application experience. Through us, you’ll gain FHA home loans in Orlando that will help you acquire the property you seek to purchase.

FHA Loan in Orlando

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

An FHA loan in Orlando is designed to help low-to-moderate income borrowers. They don’t require that you meet the normal 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 Orlando as long as you’re able to make a 10% down payment.

As FHA loan lenders in Orlando, we’re deeply driven 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 Orlando are available 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 might be able to qualify for an FHA loan in Orlando if you’re able to make a down payment of 10%. If you possess a credit score of 580 or higher, you can still get an FHA loan with a down payment of 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 Orlando will require that at least two years have passed since the borrower experienced a bankruptcy event. Also, you must be 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 Orlando.

Types of FHA Loans

There are 5 types of FHA loans in Orlando, 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 Orlando 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 Orlando, 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.

Trust American Bancshares For Their FHA Loans in Orlando

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA lenders in Orlando, 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 request a free online consultation.

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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