FHA Mortgage Loans In Miami

In this modern age, looking for that right home that best suits your needs can prove to be a challenge in and of itself. But it can be even more challenging when you’re trying to look for the best mortgage lender. There are many to choose from, especially in Florida, where there are countless FHA lenders in Miami who are more than willing to offer you the best deal. But while they might appear to be promising, it’s imperative you’re aware that the FHA loan in Miami they offer won’t provide the same set of terms that another will. Plus, it’s equally important you’re aware that not all will prove to be the most beneficial of them all. And if you’re burdened with trying to find the right loan lender, then don’t keep burdening yourself and call American Bancshares today!

With 20+ years of experience gained through our unmatched services as well as their deep dedication to empowering communities, you can trust that our team of professionals are the premier FHA loan lenders in Miami. 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 Miami

American Bancshares is recognized far and wide as one of the most highly rated, established, and trustworthy FHA lenders in Miami. For more than 20 years, our organization has empowered partners and assisted communities. And due to this, our services have extended far across the entire nation.

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

American Bancshares’ deep drive to help the community derives from our core values as an organization as a whole: commitment, integrity, and transparency. Most of our team members — including our senior management — have held a seat in all positions of the mortgage industry, allowing us to gain insight into the industry from all perspectives. And because of 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 an FHA home loan in Miami that will help you acquire the property you seek to purchase.

FHA Loan in Miami

There’s this misconception that if you earn a low income and carry an even lower credit score, you’re not able to purchase a home. This, however, couldn’t be further from the. With a Federal Housing Administration (FHA) loan provided to you by an FHA-approved Miami mortgage lender, you can rest assured that you’ll be able to purchase property easily when you’re financially disadvantaged.

An FHA loan in Miami is designed to help low-to-moderate income borrowers. They don’t require you to meet the normal standards you will typically 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%. And even if you possess a credit score that’s lower than 580 (between 500-579) you’re still able to qualify for an FHA home loan in Miami as long as you’re able to make a 10% down payment.

As FHA approved mortgage lenders in Miami, 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

An FHA home loan in Miami is 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 Miami if you’re able to make a down payment of 10%. If you have 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%.

For an FHA loan in Miami (like any other mortgage loan), at least two years must have passed since the borrower experienced a bankruptcy event. You must also be at least three 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 Miami.

Types of FHA Loans

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

  • Traditional Mortgage
      • A traditional mortgage is used to finance a primary residence
  • Home Equity Conversion Mortgage
      • If you’re 62 years of age or older, then this FHA loan type might by 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 the funds (either as a fixed monthly amount or a line of credit).
  • 203(k) Mortgage Program
    • A 203(k) mortgage program factors in the cost 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 Miami 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 Miami will help to 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 Miami

When you’re ready to purchase your desired property and need assistance from one of the most qualified FHA mortgage lenders in Miami, 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 schedule 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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