FHA Mortgage lenders .com provide Florida first time home buyers and current home owners the ability FHA mortgage a home with less than 3.5% down payment or FHA refinance a home up to 96.5% of the home value. Research home loan programs which help you to buy a home. Also, learn about FHA minimum credit requirements, or get pre approved today. FHA-Mortgage-Lenders.com will show you the advantages of how to qualify for an FHA mortgage if you have bad credit or even no credit .
FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
- Down payment only 3.5% of the purchase price.
- Gifts from family or Grants for down payment assistance and closing costs OK!
- Seller can credit buyers up to 6% of sales price towards buyers costs.
- No reserves or future payments in account required.
- FHA regulated closing costs.
FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
- Purchase a Florida home 12 months after a chapter 13 Bankruptcy
- Purchase a Florida 24 months after a chapter 7 Bankruptcy.
- FHA will allow a FHA mortgage 3 years after a Foreclosure.
- Minimum FICO credit score of 580 required for 96.5% financing.
- Bad credit Florida FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
- No Credit Score Florida mortgage loans & No Trade Line Florida FHA home loans.
FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING
- FHA allows higher debt ratio’s than any other Florida home loan programs.
- Less than two years on the same job is OK!
- Self-employed buyers can also qualify for FHA.
- Check Florida FHA Mortgage Articles for more information.
FHA MORTGAGE LOAN ARE EASIER TO QUALIFY FOR
FHA mortgage guidelines tend to be more lenient in areas such as credit, debt to income ratios and cash to close. As a result of this FHA mortgage insurance borrowers will find that Florida FHA home loan rates are better than a conventional mortgage. The Florida FHA mortgage provides all these benefits while protecting Florida FHA mortgage lenders from loss.
FHA MORTGAGE MAY BE RIGHT FOR YOU IF:
– You Do not have much for down payment and closing cost – Your down payment for a Florida FHA mortgage can be as low as 3.5% of the purchase price. And, if the seller agrees most of your closing costs can be paid by the seller up to 6% of the sales price. The FHA mortgage is available on 1-4 unit homes including town homes, villas, and single family homes. Condos must be on the FHA approved condo list to qualify.
– You have no credit score. The FHA mortgage allows Florida FHA home loan applicants to build a credit history using non- traditional trade lines. Non traditional trade lines include a 12 month payment history to direct service providers. Direct service providers include your electric, water, cell phone or car insurance payments. Read more about Florida no credit score home loans.
– You want a fixer-upper. The Florida FHA 203K loan allows Florida FHA mortgage applicants to buy and repair a Florida home, fix it up, and include all the rehabilitation costs in one Florida FHA mortgage loan. Or, if you own a Florida home already that you want to re-model or repair, you can use the FHA mortgage to cash out refinance what you owe and add the cost of repairs – all in one Florida FHA mortgage loan.
– You have a Bad Credit past. The Florida FHA mortgage can help Florida FHA mortgage applicants with a bad credit history. The Florida FHA mortgage program will even work for Florida bad credit mortgage applicants with a past foreclosure or bankruptcy, divorce ect. Read more about Florida bad credit mortgage qualifying.
– You are a senior living in a home that you own outright or you have low loan balance. Seniors fitting this profile may be well-suited for an FHA Reverse Mortgage. The FHA reverse mortgage allows you convert a portion of your equity into cash.
– You want to make your home more energy efficient. With a Florida FHA mortgage can include the costs of energy improvements into a Florida FHA Energy-Efficient Mortgage.
– You need FHA mortgage for manufactured homes and factory-built housing. As an approved Florida FHA mortgage lender we offer FHA mortgage loans on manufactured and modular land and home packages built after June 15th 1976. Read more about the FHA mortgage for manufactured home purchase or FHA refinance in Florida.
Unlike most Florida Florida mortgage programs, the FHA mortgage does not have specific credit score requirements. Although a high credit score may assist in getting the FHA mortgage approved, a low score will not automatically cause denial. If your credit scores are low, then it is up to the FHA mortgage applicant to demonstrate the ability and willingness to pay back debt. This allows Florida mortgage applicants explain the past circumstances surrounding the credit difficulties and have that explanation considered in the FHA mortgage approval process.
The result of FHA’s leniency FHA mortgage applicants get approved with past Foreclosures, Bankruptcies and lower credit score can get into a Florida home with out substantial down payment required though conventional loan programs. Moreover, the FHA mortgage loan is usually the first choice for Florida mortgage applicants.
With an FHA mortgage loan applicants must put at least 3.5% of the sales price into the transaction. The 3.5% can come from a family member and the seller can credit the buyer up to 6% of the sales price to cover the buyers closing cost. With the 3.5% down payment, appraisal, home inspection, and closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total home purchase costs can be closer to 9 -10% of the sales price.
The interest rate will also have a bearing on the total costs. If you select a lower rate so that you can reduce your mortgage payment, depending on your credit and debt to income ratio you may end up paying additional money towards “points”. At the same time if you are comfortable with a slightly higher payment you may find a lender that is willing to pay some of your closing costs to close in favor of a higher interest rate.
FHA allows homebuyer’s or FHA refinance applicants to get the funds necessary to close from several sources. Acceptable sources of down payment include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions up to 6%.
USEFULL FLORIDA FHA MORTGAGE INFORMATION LINKS
Florida FHA mortgage lenders serving every city and county in Florida including:
Arcadia | Alachua | Aventura | Boca Raton | Boynton Beach | Bradenton | Brandon | Cape Coral | Coral Springs | Clearwater | Clewiston | Cocoa Beach | Cooper City | Coconut Creek | Coral Gables | Crystal River | Davie | Daytona Beach | DeLand | Deerfield Beach | Dania Beach | Davie | Delray Beach | Dunedin | Englewood | Ft Lauderdale | Fort Pierce | Fort Walton Beach | Ft Myers | Ft Walton Beach | Gainesville | Hallandale | Hobe Sound | Hollywood | Holiday | Inverness | Jacksonville | Key West | Lakeland | Largo | Margate | Melbourne | Miami | Miramar | Mount Dora | N. Ft. Myers | N. Miami Beach | Naples | Ocala | Ojus | Oldsmar | Orlando | Ormond Beach | Palm Beach | Palm Harbor | Palm Bay | Panama City | Pembroke Pines | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tarpon Springs | Tampa | Titusville | Venice | Vero Beach | Wesley Chapel | West Park | West Palm Beach | Winter Haven | Winter Park