Space Coast Credit Union

An FHA insured loan (also known as FHA home loans, FHA mortgages, or just FHA) is a Federal Housing Administration (FHA) mortgage insurance backed mortgage loan provided by FHA-approved lenders, like Space Coast Credit Union.

This means that the Federal Housing Administration, a part of HUD (the U.S. Department of Housing and Urban Development), insures the loan so that Space Coast Credit Union can provide potential home buyers with loans that feature lower down payment requirements, low closing costs, and lower credit score requirements.

To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required. This MIP is normally financed by the lender and paid to FHA on the borrower's behalf. FHA loans also include a monthly premium. An SCCU Mortgage Loan Officer can help you determine if an FHA loan is the right mortgage loan for you.

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders like Space Coast Credit Union throughout the United States and its territories. FHA insures mortgages on single family and multi-family homes, including manufactured homes and hospitals. The Federal Housing Administration is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

FHA mortgage insurance provides mortgage lenders like Space Coast Credit Union with protection against losses as the result of homeowners not being able to pay (or defaulting) on their mortgage loans. The mortgage lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.

Since Space Coast Credit Union is a member-owned financial cooperative, it is important that we provide services to a wide range of members while protecting the interests of the cooperative as a whole. FHA mortgage insurance allows Space Coast Credit Union to be the Florida mortgage lender of choice for potential and current homeowners during every stage of life.

Learn more about FHA Mortgage Insurance, why is exists, and how it is funded.

Space Coast Credit Union offers a wide range of low-rate affordable mortgages for everyone, including first-time homebuyers, which makes home ownership affordable. An SCCU Mortgage Loan Officer can help you determine if an FHA loan is the right mortgage loan for you, or if another home loan will save you even more money.

The easiest and fastest way to apply for an FHA loan is to get started with our online application. There's no application fee, and you can access the online mortgage application 24 hours a day, 7 days a week.

You may also apply person-to-person over the phone with Express Sales

Space Coast Credit Union provides all who work or live in Brevard, Broward, Clay, Duval, Flagler, Hillsborough, Indian River, Martin, Miami-Dade, Monroe, Nassau, Orange, Osceola, Palm Beach, Pinellas, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida with mortgages loans. SCCU mortgage loans are available for properties throughout Florida, provided you meet our membership requirements. Membership is not required to apply - we can take care of your mortgage loan application and membership at the same time!