Florida-Mortgage-Lenders.com is a leading Lake Mary Florida FHA Mortgage Company. All situations welcome.
What is an Florida FHA Mortgage? FHA mortgages have been helping Lake Mary Florida people become homeowners since 1934. Lake Mary Florida FHA mortgage loans are backed by the FHA which is short for the Federal Housing Administration. FHA insures the FHA mortgage loan so Lake Mary Florida mortgage lenders can offer easier loan qualifying and lower down payment FHA mortgage options.
LAKE MARY FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
• Lake Mary FL 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 buyer’s costs.
• No reserves or future payments in account required.
• FHA regulated closing costs.
LAKE MARY FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
• Purchase a Lake Mary Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a Lake Mary 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.
• Lake Mary 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.
LAKE MARY FLORIDA 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.
During the Lake Mary Florida Housing Boom the FHA Mortgage had become an uncommon mortgage loan product because of the plentiful supply of credit including Subprime, Conventional, and Fannie Mae. Many Lake Mary Florida homebuyers obtained Mortgage Loans with 0% down payment and reduced loan documentation requirements. After the crash, as Fannie Mae and other Lake Mary Florida mortgage lenders retreated from these riskier loan products, FHA stepped in Lake Mary Florida FHA Home Loans became the only option for borrowers with a lowdown payment and less than perfect credit.
HOMES FOR SALE IN LAKE MARY FLORIDA
LAKE MARY FLORIDA FHA APPROVED CITY DATA
LAKE MARY FLORIDA:
Lake Mary is a suburban city in Seminole County, Florida, United States. The population was 13,822 at the 2010 census. Lake Mary is part of the Orlando–Kissimmee–Sanford Metropolitan Statistical Area.
LAKE MARY FLORIDA FHA CITY DATA:
Males: 7,340 (49.6%)
Females: 7,467 (50.4%)
Median resident age: 42.9 years
Florida median age: 40.3 years
Zip codes: 32750, 32771.
Estimated median household income in 2012: $71,376 (it was $69,485 in 2000)
Lake Mary: $71,376
Estimated per capita income in 2012: $36,352 (it was $31,094 in 2000)
Estimated median house or condo value in 2012: $219,301 (it was $175,200 in 2000)
Lake Mary: $219,301
Mean prices in 2009: All housing units: $360,416; Detached houses: $377,677; Townhouses or other attached units: $215,779; Mobile homes: $124,782
Median gross rent in 2012: $1,378.
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About the City of Lake Mary
According to the United States Census Bureau, the city has a total area of 9.7 square miles (25 km2). 8.6 square miles (22 km2) of it is land and 1.1 square miles (2.8 km2) of it (10.96%) is water.
As of the 2000 census, there were 11,458 people, 4,199 households, and 3,271 families residing in the city. The population density was 1,330.8 inhabitants per square mile (513.8/km²). There were 4,351 housing units at an average density of 505.4 per square mile (195.1/km²). The racial makeup of the city was 89.33% White, 3.60% African American, 0.24% Native American, 3.83% Asian, 0.09% Pacific Islander, 1.47% from other races, and 1.42% from two or more races. Hispanic or Latino of any race were 6.22% of the population.
There were 4,199 households out of which 38.4% had children under the age of 18 living with them, 70.8% were married couples living together, 6.5% had a female householder with no husband present, and 22.1% were non-families. 16.9% of all households were made up of individuals and 5.8% had someone living alone who was 65 years of age or older. The average household size was 2.72 and the average family size was 3.08.