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Change Your Life with an FHA Home Loan

If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. FHA loans provde you with lower, more affordable rates. At Century Bank our FHA home loan specialists will take you through the loan process step-by-step.

The Federal Housing Administration (FHA) was established in 1934 to provide adequate home financing and to encourage the construction of new homes. Since its inception, the FHA has developed low (or no) down payments, long-term amortized loans, graduated payment mortgages, minimum property standards and guidelines for qualifying buyers. The FHA insures mortgages made by lenders, but does not lend money. By insuring FHA loans, the FHA shares some of the risk of loss in case the borrower defaults.

FHA Mortgage Quick Facts

• You can use an FHA mortgage to purchase a home, or to refinance and take cash out of the home you currently live in to make home repairs or energy-efficient improvements
• Terms available include 30 and 15 year fixed rates
• Cash out Refinances up to 95% are allowed
• Streamlined refinances and FHA Secure loans are available
• 100% financing is available through FHA's approved non-profits or providers of seller paid gift funds
• Seller contributions are allowed up to 6%
• Downpayment assistance is available
• 3% total funds is required from the borrower (gift funds allowed toward 3% of required funds)
• There is no reserve requirement
  

Local FHA Loan Limits

• up to $442,500 - Sarasota & Manatee counties
• up to $296,250 - Charlotte County
• up to $356,750 - Lee County
• up to $531,250 - Collier County
• up to $292,500 - St. Petersburg, Tampa, Clearwater

If you are considering an FHA mortgage, we recommend a no-obligation meeting with our Mortgage Lending Specialist to answer any questions you may have.