FHA Loans -Bradenton, Sarasota, Palmetto, Parrish, Venice, Port Charlotte, Florida

FHA loans are one of our specialties at Sunrise Financial! We’ll make the process of acquiring one of these types of funding programs easy and stress-free. 

No matter if you’re buying your first property in Bradenton, moving into a house in Palmetto, or you’d like to refinance your home in Sarasota that has a current conventional or FHA mortgage, Team Sunrise can help!

The Federal Housing Administration was established in 1934, and it is a wing of the United States Housing and Urban Development. The FHA offers a variety of loan programs that can appeal to buyers in all different types of categories and situations.

FHA loans undoubtedly are great assets for borrowers to land favorable agreements from lenders due to the FHA insuring loans for borrowers. Lenders are protected via a mortgage insurance requirement, which covers their losses if a borrower defaults on their mortgage. 

FHA loans are flexible with their credit requirements, plus they’re also popular due to their tendency to restrict down payment expenses and closing costs. Upon a borrower being a first-time home-buyer (a person who has not owned a home within the previous three years) down payments can be as low as 3.5% of the purchase amount of a home through FHA loans.

Borrowers must be aware of existing loan limits that are enforced regarding FHA loans. These limits are based on the county location of a property. Sunrise Financial is a mortgage leader in Bradenton, Palmetto and Sarasota, which are included in Manatee County and Sarasota County.

The loan limits for those counties are below:

County     Single-Housing Limit  Duplex Limit Triplex Limit Four-Plex Limit
Manatee     $285,200 $365,100 $441,300  $548,450
Sarasota     $285,200 $365,100 $441,300 $548,450

FHA loans essentially are an array of different loan programs under a single umbrella. The fixed-rate FHA loan, adjustable-rate mortgage (ARM), FHA secure refinance loan, graduate payment mortgage, growing equity mortgage, FHA reverse mortgage, the energy efficient mortgage and FHA condo loans are among the most popular programs.

Recent college graduates and newlyweds normally find the fixed-rate FHA loan to be attractive. It was created for those who wish to buy a house, yet lack enough current personal capital.

Families in the low-to-moderate-income range can still very well become homeowners through the adjustable-rate mortgage. If homeowners do encounter financial issues from interest rates increasing down the road, the FHA secure refinance loan could be of great service. 

For the home-buyers who are in the low-to-moderate income category now, but do anticipate a significant raise in their yearly earnings in the next five to 10 years, the graduate payment mortgage is likely best for them. They could also take an interest in the growing equity mortgage, which is a program that features reduced initial installment requirements that steadily increase as time moves along. 

With Florida being a great place to reside as a retired or senior citizen, FHA reverse mortgages benefit many residents in the Sunshine State. These loans are for homeowners who are age 62 and up, as they allow a home equity to be converted into credit and/or income.

Another appealing FHA loan program is the energy efficient mortgage. Homeowners are granted financial assistance in their effort to reduce the amount they pay for utility bills each month. This loan program also incorporates energy-efficient repairs and upgrade costs in a homeowner’s mortgage.

The FHA offers condominium loans to borrowers with low-to-moderate incomes who are looking to acquire condos. This loan program is also of aid for borrowers if they’re dislodged by the conversion of their apartments to condo units. 

We at Sunrise Financial can guide you through the process of any FHA loan! Contact us today at (941) 758-6303.