FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. Typically the borrower can be approved with 3.5% down. Loans from the Federal Housing Administration (FHA) are popular because they allow you to buy a home with a relatively small down payment. Designed to promote home ownership, FHA loans make it easier to qualify for a mortgage—even with less-than-perfect credit.
FHA Loan Limits
FHA max loan limits are $343,850 in the Jacksonville Metro including the counties of Duval, St Johns, Nassau, Clay and Baker