MELBOURNE FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
• Melbourne 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.
MELBOURNE FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
• Purchase a Melbourne Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a Melbourne 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.
• Melbourne 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.
MELBOURNE 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.
FHA MORTGAGE ADVANTAGES:
The Federal government insures Florida FHA mortgage lenders against losses, therefore the FHA mortgage applicants has very minimal down payment and closing cost. FHA mortgages lenders will require a minimum 3.5% financial commitment. In additions, FHA mortgage lenders allow for the home seller to pay all your closing cost up to 6% of the sale price.
• EASIEST TO QUALIFY •
Prequalifying with a Florida FHA mortgage lenders is rather easy. The result of the FHA mortgage insurance guarantee educes Florida FHA mortgage lenders make it feasible for just about anybody with a decent 12 month payment history to qualify. The primary components of an FHA mortgage include down payment, credit, debt to income ratio.
• FIXED 30 YEAR RATES WITH NO PREPAYMENT PENALTIES •
One of the big advantages of using a Florida FHA mortgage lenders is the benefit of having a fixed 30 year interest rate with 0 NO prepayment penalty. In comparison to other conventional Fannie Mae and Freddie mac mortgage loans in which you risk the possibility of a mortgage rate that could change. The FHA mortgage is typically for 30 years. The result of this FHA mortgage provision FHA mortgage applicants can budget their predetermined installment FHA mortgage payment in advance.
• NO RESERVES ARE REQUIRED •
In contrast to most conventional home loan programs, Florida’s FHA home loan is a very tempting option for Florida first time buyers that have a little saved for down payment let alone future mortgage payments.
Florida First Time buyers should click apply now at the top of this website to learn what to expect with the FHA mortgage process. Being prepared will always boost your chances in getting your FHA mortgage approved.