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Get a free quote on a 3.5% down FHA loan
FHA loans are a great option for first-time homebuyers, but you’re not required to be a first-time buyer in order to qualify. FHA loans offer flexible options which makes them ideal for homebuyers of all types. Only a 3.5% down payment is required and borrowers must have a minimum credit score of 580 or higher. Buyers can also still qualify for a loan even if they have a higher debt-to-income ratio. They only need to provide proof of steady employment history.
FHA loans can be used to purchase different property types. Buyers have the ability to purchase a 1-4 unit property as long as the buyer occupies at least one unit as their primary residence. An FHA mortgage can be obtained for a loan amount up to $562,350 for a 1 unit property and up to $1,081,450 for a 4-unit property. FHA loan limits are adjusted by HUD.GOV on an annual basis to account for rising home prices.
Benefits of applying for an FHA loan in Destin include:
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below: