FHA and VA Loans in Key West Real Estate

The Federal Housing Administration (FHA) offers insured low-interest real estate loans made by the federal government and approved lending institutions. The cost for this loan insurance varies and is charged at the closing. While FHA loans are not available through all lenders, in some areas they are very popular and can make the difference in obtaining a loan for some potential buyers who do not qualify for conventional financing. The Veterans Administration (VA) offers government-insured loans to qualified veterans.

In Key West, income qualifications, required down payments, and the maximum allowable real estate loans under these plans are changed periodically. Currently, the maximum FHA loan is about $220,000 in certain high-priced areas of the country.

For first-time home buyers, the federal government as well as state governments offer loan assistance to prospective buyers who meet eligibility requirements. For current information about these loan programs, consult local FHA and VA offices as well as yourlocal Key West real estate agent.