FHA Loans, Palm Beach Gardens, Florida

FHA Loans, Palm Beach Gardens, Florida

FHA Loans, Palm Beach Gardens, Florida. Mortgage company Fidelity can help. Call today Palm Beach County FL.

An FHA loan is a mortgage issued by a federally approved bank or financial institution that, unlike a conventional mortgage, is insured by the Federal Housing Administration. … Then, the buyer must make monthly mortgage insurance payments for the life of the FHA loan if the down payment is less than 10 percent.
FHA loans are what I call friendly loans for the “credit-challenged.” … With an FHA loan your credit score can be as low as 580 to qualify with a 3.5% down payment requirement. If your credit score is between 500 and 579, you may still be eligible for the loan, but you may need a down payment of at least 10%.
An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.
With the FHA, that’s possible, but with other lenders, it may not be. That 3.5% down payment, by the way, is available to all FHA borrowers, not just firsttime homebuyers. The only catch for experienced homebuyers: you can only have one outstanding mortgage with the FHA at any given time.
FHA loan income requirements. There is no minimum — or maximum — salary you can earn that will qualify you for or prohibit you from getting an FHA-insured mortgage. However, you must: Have at least two established credit accounts.

Easy Qualification, Little Money Down

FHA (Federal Housing Authority) loans are government backed loans designed to give people with less than outstanding credentials the opportunity to own a home. At Fidelity we meet the government minimum standards unlike many big banks. Our minimum FICO® score is 530 for this product.  With approved credit we require as little as 3.5% down.

561-508-8755

4365 Northlake Blvd
Palm Beach Gardens, FL 33410-6253

Reverse Mortgages. Palm Beach Gardens, FL

Reverse Mortgages. Palm Beach Gardens, FL

Reverse Mortgages. Palm Beach Gardens, FL How Much Does a Reverse Mortgage Pay Palm beach Gardens, FL Call today 

Freedom to Thrive

A reverse mortgage is a loan for seniors age 62 and older. Home Equity Conversion Mortgage (HECM) reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow our senior homeowner’s to convert their home equity into cash with no monthly mortgage payments.
a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
“unlike traditional mortgages, which decline as you pay down the loan, reverse mortgages rise over time as interest on the loan accrues”
Reverse mortgages are marketed as a solution to seniors’ money problems or a way to more fully enjoy retirement. However, they can be hard to understand, and the fees and interest can use up a substantial portion of a homeowner’s equity. For many older adults, there are better solutions to financial struggles.
If you are the only borrower on the reverse mortgage (HECM) and: You live alone, your loan must be paid off when you dieYou live with a spouse or partner, your loan generally must be paid off when you die. In some cases, your surviving spouse or partner may be able to continue living in the home after you die.
How Much Does a Reverse Mortgage Pay? The amount of money you can borrow depends on how much home equity you have available. You typically cannot use more than 80% of your home’s equity. As of 2018, the maximum amount anyone can be paid from a reverse mortgage is $679,650.

Fidelity is a diversified mortgage company, making use of state-of-the-art technology and the vast experience of our team to meet and realize the financial dreams of existing and perspective homeowners.

Our goal at Fidelity is to provide our customers with the best mortgage experience throughout the entire process. We believe that people, and our relationship that we build with them, are essential to our continued success!

561-508-8755

4365 Northlake Blvd
Palm Beach Gardens, FL 33410-6253

Find The Mortgage That Is Right For You. Palm Beach Gardens, FL

Find The Mortgage That Is Right For You. Palm Beach Gardens, FL

Find The Mortgage That Is Right For You. Palm Beach Gardens, FL  We treat each customer as an individual, not a number. We don’t place you into a loan profile formula created by the banking industry. We use “common sense” and will help you obtain the best loan possible. We represent a wide range of “A” rated lenders with first quality rates to private “hardship” lenders. Palm beach County, FL

Buying a Home in Florida

If you’re like most people, buying a home is probably one of the biggest investments you’ll ever make in your lifetime. If you’re considering buying a home, you’re likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it’s important to prepare as best you can. At Palm Beach Mortgage Group, Inc., we are dedicated to finding the loan that fits your individual needs when buying a home in Florida. Palm Beach Gardens, Jupiter, Wellington and all of South Florida Fidelity is the right choice. 

Pros and Cons of Making a Down Payment

Before you jump into a low or zero down mortgage, carefully consider the possible advantages and disadvantages first. If you are able to make even a small down payment, you will probably save money in the long run.

A down payment offers several advantages, including lower borrowing costs. For one thing, you’ll save on interest charges simply by borrowing less money. The lower the down payment, the higher the risk you are to the lender. Because of this, most lenders offer better rates to borrowers who make more sizeable down payments. Even a 1 percent reduction in your interest rate can net you tens of thousands of dollars in interest savings over the life of the loan.

A higher down payment can eliminate the requirement to purchase private mortgage insurance (PMI), reducing your monthly out-of-pocket costs. It also makes home ownership more affordable by virtue of the simple fact that if you borrow less, your monthly payments are lower.

For investment-conscious borrowers, the decision whether to make a down payment may be based on an evaluation of other investment opportunities. For example, if your options are to either make a large down payment against a 5 percent mortgage or leave the cash in a certificate of deposit account earning 2.5 percent, it may make the most financial sense to apply the funds to the mortgage and net greater savings rather than modest earnings.

561-508-8755

4365 Northlake Blvd
Palm Beach Gardens, FL 33410-6253