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Miami Florida FHA Mortgage Lenders

Miami Florida FHA Mortgage Lenders FHA Mortgage Lenders

FHA Mortgage Lenders Fast Consultation – All Situations Welcome!

Serving All Miami FL including Aventura, Bal Harbour, Bay Harbor Islands, Biscayne Park, Coral Gables, Cutler Bay, Doral, El Portal, Florida City, Golden Beach, HialeahHialeah GardensHomestead, Indian Creek, Key Biscayne, Medley, Miami, Miami BeachMiami Gardens, Miami Lakes, Miami Shores,

Welcome and thank you for visiting US Mortgage Lenders webpage. We are local Miami-Dade County Florida mortgage lenders.  We are available to answer any questions you might have 24/7.

US Mortgage Lenders professionals have earned their excellent 5 star zillow and google reviews by opening more doors to homes in Miami-Dade County Florida than your average Florida lender. To discuss any of our full service Miami-Dade County Florida programs including, FHA minimum score 550, FHA Cash Out and Streamlines refinancing, Private lenders, Jumbo Loans, VA Mortgage loans down to 550 and Foreign National Loans. Note All Subject to change without notice.




Will Miami FL FHA Mortgage Lenders Allow More Than 1 FHA Mortgage?

FHA mortgage lenders will not insure more than one Property as a Principal Residence for any FHA mortgage applicants, except as noted below. FHA mortgage lenders will not insure a Mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining Investment Properties, even if the…

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FHA Mortgage Lenders Miami FL Cash Out and Rate Term Refinance

FHA Mortgage Lenders Rate Term Refinance Properties owned > 12 months: The subject property must be owner occupied for at least 12 months at the time of case number  assignment.  Properties owned < 12 months: The subject property must be owner occupied for the entire period of ownership at the time of case number assignment. …

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FHA Mortgage Lenders Miami FL Compensating Factors

FHA COMPENSATING FACTORS What are FHA compensating factors? (FHA compensating factors are the stronger elements of a credit application that it offsets something weaker in the application) but it’s more complicated than that. Different FHA Lenders manage the consideration of compensating factors in different ways. FHA’s written guidelines outline specific examples of what FHA compensating factors…

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FHA Mortgage Lenders Miami FL Manual Underwriting Approvals

 FHA Manual Underwrite Lenders Specifications  CREDIT SCORE RANGE MAXIMUM QUALIFYING RATIOS APPLICABLE GUIDELINE 500 – 579 ·31/43 ·Energy Efficient Homes may stretch ratios to 33/45 ·Max LTV 90% unless cash out (80%) ·No gifts ·No down payment assistance ·No streamlines ·One month in reserves for 1-2-unit Properties, three months in reserves for 3-4-unit properties (cannot be a…

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FHA Mortgage Lenders Miami FL Allow Non Occupant Co Borrowers

FHA Mortgage Lenders Non-Occupant co borrower 1-Unit properties only. Max mortgage is limited to 75% LTV unless non-occupying co- borrower’s meet FHA definition of ‘family member’. Seller cannot be non-occupant co-borrower. Non-occupant co-borrowers may be added to improve ratios. Non-occupant co-borrowers cannot be used to overcome or offset borrower’s derogatory credit. The non-occupying borrower arrangement…

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FHA Mortgage Lenders Miami FL Source Of Down Payment And Reserves

Assets Minimum cash investment from borrowers own funds and/or gift (no cash on hand allowed when borrower uses traditional banking sources and has traditional credit history). Any deposit 1 % and greater of the sales price must be sourced and seasoned. An aggregate of deposits 1 °/o and greater of the sales price must be…

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FHA Mortgage Lenders Miami FL Can Use Non Taxable Income To Qualify

Non-Taxable Income Nontaxable income such as Social Security, Pension, Workers Comp and Disability Retirement income may be grossed up 115%. Unacceptable Sources of Income Include: The following income sources are not acceptable for purposes of qualifying the borrower: Any unverified source of income, Income  Income  determined to be temporary or one-time in nature, Retained earnings…

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FHA Mortgage Lenders Miami FL Debt To Income Ratios

Debt Ratio – Loans with AUS Approve/Eligible – follow AUS decision. Credit scores of 640 and under and DTI greater than 43% regardless of AUS decision require explanation for derogatory credit and a VOR or rent free letter (if applicable). Manually underwritten loans with FICO score> 580 may exceed 31°/o/43°/o ratios with acceptable compensating factors…

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FHA Mortgage Lenders Miami FL Cash-Out Refinance Payment History

FHA Mortgage Lenders Mortgage/Rental History Payment History All Cash Out Refinance Transactions and Manually Underwritten Rate Term Refinance Transactions: No 30 Day late payments within the last 12 months of case number assignment. Rate and Term Refinance Transactions: AUS Accept – follow AUS.

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FHA Mortgage Lenders Miami FL Minimum Trade Line Requirement

Minimum Tradelines FHA mortgage applicants must have sufficient credit history to generate a valid FICO score, or FHA mortgage applicants must meet the non-traditional FHA mortgage lenders guidelines listed below. Generally, an acceptable credit history does not have late housing, installment debt or major derogatory revolving payments. Authorized tradelines are not acceptable for establishing a…

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FHA Mortgage Lenders Miami FL With Student Loans

How Do FHA Mortgage Lenders treat Student Loans? Student Loan Payments – Student loan(s) would be calculated as follows, regardless of the payment status. FHA mortgage lenders must use either the greater of: 1% of the outstanding balance on the loan; or the monthly payment reported on the FHA mortgage applicants  credit report; or the…

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FHA Mortgage Lenders Miami FL Approval With Disputed Accounts

FHA Mortgage Lenders Approval With Disputed Accounts derogatory accounts >= $1,000 cumulative must be downgraded to “Refer” manual underwrite. Medical and accounts resulting from identity and credit card theft or unauthorized use are excluded. A letter from the creditor, police report, etc. is required. Disputed non-derogatory accounts are excluded from the $1000 cumulative total which…

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FHA Mortgage Lenders Miami FL Approval With Loan Modifications

FHA Mortgage Lenders Approval After A Loan Modifications FHA Mortgage Lenders Automated Underwriting System required to follow guidance for acceptable mortgage history. Manual Underwrite -follow manual mortgage requirements (Ox30 for most recent 12 months and 2×30 for the most recent 24 months on the modified mortgage.) Payment history is evaluated based upon the modification agreement…

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FHA Mortgage Lenders Qualifying Requirements After A Short Sale

FHA Mortgage Qualifying After A Short Sale Any Short Sale within three (3) years of the case assignment requires a manual underwrite. An FHA mortgage applicant who is in default at the time of short sale/restructure or pre-foreclosure or late on any mortgage or installment obligations within 12 months of the short sale is not…

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FHA Mortgage Lenders After Foreclosure or Deed In Lieu of Foreclosure

What are the guidelines for FHA mortgage applicants with a previous foreclosure or deed-in-lieu of foreclosure? A FHA mortgage applicants is generally NOT eligible for a new FHA-insured mortgage if the Borrower had a foreclosure or a deed-in-lieu of foreclosure in the last 3 three-year period prior to the date of case number assignment. This…

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FHA Mortgage Lenders DoNot Consider Timeshares A Housing Obligation

Is a foreclosure on a timeshare considered a mortgage foreclosure or installment loan?   A loan secured by an interest in a timeshare must be considered an Installment Loan and not a housing obligation, even in the event of a foreclosure.  For additional information see Handbook  4000.1 II.A.4.b.iv(I); II.A.5.a.iv(H) at  

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FHA Mortgage Lenders With Judgements And Liens

Judgments/Liens All outstanding judgments and liens must be paid prior to or at closing except when the FHA mortgage applicant has an agreement with the creditor to make regular and timely payments. Copy of the agreement and a minimum of three (3) monthly scheduled payments prior to closing. This includes non-purchasing spouses and registered domestic…

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FHA Mortgage Lenders Disputed Credit Accounts

How are disputed credit accounts considered with FHA mortgage lenders?   Disputed Derogatory Credit Account refers to disputed charge off accounts, disputed collection accounts, and disputed accounts with late payments in the last 24 months.   If the credit report indicates that the Borrower is disputing derogatory credit accounts, the Borrower must provide a letter of…

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FHA Mortgage Lenders Approval With Collection Accounts

FHA Mortgage Lenders Approval W Collection Accounts Collections AUS Approve/Eligible – The FHA Mortgage Lenders Approval with Collection accounts must complete a capacity analysis off collection accounts with an aggregate balance>= $2,000. Non-purchasing spouse’s or registered domestic partner’s collections are included in the combined balances for community property states. Monthly payments must be included in…

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FHA Mortgage Lenders Credit Score For FHA Mortgage Qualifying

Does FHA require a minimum credit score and how is it determined? The FHA mortgage applicant is not eligible for FHA-insured financing if the Minimum Credit Score  is less than 500. If the Minimum FHA Mortgage Credit Score is between 500 and 579, the FHA mortgage applicant is limited to a maximum loan-to-value (LTV) of…

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FHA Mortgage Lenders For DACA Status Recipients

FHA to Permit DACA Status Recipients to Apply for FHA Insured Mortgages Effective January 19, 2021, the Federal Housing Administration (FHA) is permitting DACA FHA mortgage applicants classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service (USCIS) and are legally permitted to work in the U.S. are…

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FHA Mortgage Lenders While In Consumer Credit Counseling

How long do FHA mortgage require to qualify for an FHA mortgage after consumer Credit concealing?  Qualify for an FHA mortgage after consumer Credit counseling?  1 year of the pay-out has elapsed under the plan, borrower’s payment performance has been satisfactory with all required payments made timely and borrower has received written permission from the…

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FHA Mortgage Lenders Approval After Bankruptcy

For FHA Mortgage Lenders Approval After Bankruptcy How does a bankruptcy affect a FHA mortgage applicants eligibility for an FHA mortgage? A Chapter 7 bankruptcy (liquidation) does not disqualify a FHA mortgage applicants  from obtaining an FHA-insured Mortgage if, at the time of case number assignment, at least 2 years have past since the date…

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FHA Mortgage Lenders Lead Based Paint Disclosure

Lead based Paid Disclosure Required for Defective Paint Surfaces An automatic correction is required to all defective paint surfaces in or on structures and/or property improvements built before January 1, 1978. Contractors who perform the repair must be certified and must follow specific work practices to prevent lead contamination. A copy  of the EPA or…

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FHA Mortgage Lenders To Purchase Foreclosures

FHA mortgage lenders require  FHA appraisals to be performed only by FHA licensed appraiser listed on the FHA roster. Obtain an “as-is” appraisal and the appraisal must be  HUD REO Appraisal and Property Requirements marked as “Insurable”. HU D’s Foreclosure REO appraisal may be available at no charge.  If the original HUD REO appraisal is…

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FHA Mortgage Lenders For Homes For Sale Within 90 Days

Does FHA have requirements for homes sold within 90 days? Property Flipping is a practice whereby recently acquired property is resold for a considerable profit with an artificially inflated value Property Flipping refers to the purchase and resale of a property in a short period of time.  The eligibility of a property for a Mortgage…

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FHA Mortgage Lenders For Manufactured Homes

FHA Mortgage Lenders For Manufactured Homes FHA Mortgage Lenders accepts manufactured homes permanently affixed to the foundation, built on or after June 15, 1976, and meet all FHA Mortgage Lenders For Manufactured Homes requirements. Single-wide manufactured homes are not eligible. Manufactured homes with acceptable alterations or additions must have marketability, “like” comparable, gross living area…

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FHA Mortgage Lenders For Condos

FHA Condo Mortgage Lenders – Condo FHA Mortgage Lenders Must be current FHA-approved condominium complex and meet all HUD requirements (51 occupancy, 15% delinquencies). All condos  and attached PUD’s require 100% ‘walls-in’ H06 coverage. Stick-built site condos do not require FHA HRAP/DELRAP approval. Manufactured condos must have FHA HRAP approval. Where can I find the…

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FHA Mortgage Lenders Ineligible Property Types

Ineligible Collateral -FHA Mortgage Lenders Ineligible Property Types to include some built before June 15, 1976 single wide Mobile homes, co-ops, Single-wide manufactured homes, houseboats, commercial or industrial zoned properties, mixed-use with residential building use less than 51%, properties encumbered with Property Assessed Clean Energy (PACE) or Home Energy Renovation Opportunity (HERO) obligations, State-approved medical…

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FHA Mortgage Lenders Eligible Property Types

Owner Occupied Only Home Only To Include. 1-4 Units. Villas including FHA approved PUD’s, FHA approved condominiums projects, land contracts, FHA approved manufactured , modular homes (minimum double­  Eligible Collateral wide) that follow manufactured housing requirements below.

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FHA Mortgage Lenders Maximum Loan Amounts

FHA Mortgage Lenders Maximum FHA mortgage amounts.  # of Units Lowest Maximum Floor for All FHA mortgage Amounts Highest Maximum Ceiling for All FHA mortgage Highest FHA Maximum Ceiling for all FHA.  1 Unit 356,362 548,250 822,375 2 Units 456,275 702,000 1,053,000 3 Units 551,500 848,500 1,272,750 4 Units 685,400 1,054,500 1,571,750 FHA Max Base…

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FHA Mortgage Lenders Loan To Value Based On Credit Scores

FHA Mortgage Lenders to Purchase A home FHA MORTGAGE LENDERS PURCHASE MINIMUM FICO 500 =   90.00% 1-4 UNITS. PER FHA MAX COUNTY LIMITS FOR STANDARD PROGRAM. AUS Accept: Per AUS; Manual max Debt To Income Ratios:31%/43% Evaluated by **FHA Mortgage Lenders Automated Underwriting System** FHA MORTGAGE LENDERS MINIMUM FICO 580 =  96.50% 1-4 UNITS. PER…

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US Mortgage Lenders has an extensive lender network that allows us to provide unique and mortgage solutions. Contact US for the most update information on terms and conditions. All Information on this site Is for example, hypothetical purposes and should NOT be relied on for decision making.
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