There are many of us who have heard of an FHA loan. But, there are not many of us who understand what an FHA loan is and how it helps buyers get into a home of their own. First of all, FHA stands for Federal Housing Administration. The FHA was created in the midst of the Great Depression. During the Great Depression, many families were forced to rent. The FHA made it easier for these families to stop renting and get into a home of their own. They do so by backing mortgages with easier terms and lower down payments.

What are FHA Loans Fort Lauderdale?

FHA loans Fort Lauderdale allows buyers to get into a home with easier terms and lower down payments. The FHA does not loan the buyers the money to buy the house. Rather, the FHA backs a loan for the house. What this means is that the buyer must go with an approved FHA lender and the FHA will back the loan for the buyer. Let's make that a little more clear. The FHA is not the lender, rather they back home mortgages making it easier for some buyers to get into a home, https://nationwidemortgagerates.com/.

What is NHL Lending?

NHL Lending stands for Nationwide Home Loans. They are lenders who are approved by the FHA. When you apply for a loan through NHL, the staff will treat you with the respect and dignity you would expect from a lender. You can rest assured that if you have a credit score of at least 500, the staff at NHL can help you. If your score is between 500 and 579, you can expect to pay 10% down for your home loan. If it is 580 or more, you can expect to put down now less than 3.5% of the price of the home.

Are Nationwide Home Loans a bank?

The company is a licensed mortgage lender. They do not operate a bank per se. They do, however, operate a mortgage lending service. These services are offered for all FHA approved loans. When you get your home loan through NHL, you are taken through a rigorous process to approve you for the loan. NHL will not approve you based solely on your credit score, they will abide by the rules set forth by the FHA. The FHA has strict work history requirements to qualify for an FHA mortgage.