VILLA FHA MORTGAGE LENDERS
VILLA FHA MORTGAGE LENDERS APPROVALS WITH MINIMAL DOWN PAYMENT AND CLOSING FEES:
- Down payment only 3.5% of the purchase price.
- Gifts from family or FHA Grants for down payment assistance and closing costs OK!
- Sellers can credit the buyer’s up to 6% of sales price towards buyers costs and pre-paid.
- No reserves or future payments in account required.
- FHA regulated closing costs.
VILLA FHA MORTGAGE LENDERS MAKE QUALIFYING EASIER BECAUSE YOU CAN PURCHASE:
- 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
- 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
- 3 years after a Foreclosure FHA mortgage Lender approvals!
- No Credit Score FHA mortgage Lender approvals!
- 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
- 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
- Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
- Read more about FHA Qualifying Qualification Summary – Manual Underwrite – Collections-Judgement’s – Bankruptcy or Foreclosure – Compensating Factors –
VILLA FHA MORTGAGE LENDERS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING
By searching the legal description for a “Lot or Block” description you can tell if you own the land underneath your town home or villa unit.
SINGLE FAMILY HOMES ARE LIKE VILLA- The owner is villa responsible for maintaining and insuring the entire home and the property included just like a single family home. A house differs from a condo or townhouse in that a house is surrounded by land on all sides. A house differs from a villa in that a house does not include the rich amenities that a villa includes.
CONDOS MUST BE FHA APPROVED- Condo owners have the title to the condo interior walls of the condo and do not own the land on which the condominium sits. Insurance for a Condo is generally less expensive for a condo owner than for the owner of a house because the condo owner is only responsible for insuring damage or accidents that may happen inside the Florida condo unit. The buildings, land, exterior areas, and all public areas are insured by the condo association. Florida mortgage lenders require the condo association to fill out a condo questionnaire to determine the loan to value financing for Florida condominiums. The condo association also maintains the exterior areas of the condo unit including the lawn, siding and roofs. Florida condo associations tend to place heavy restrictions on owners for what is visible from the outside of the condo, including what can be displayed in windows or hung from balconies. Expenses paid by the Florida condo association are funded by the condo owners via association dues.
VILLAS GENERAL INFO- The term “villa” has grown to encompass many types of dwellings since it’s origination. The term Villa first was used to describe elegant and elaborate homes inhabited by wealthy Romans to escape to a Villa and relax. Currently, the Villa is more commonly associated with a Villa vacation home that are similar to a hotel in their amenities, but still resemble a Villa , luxurious Villa home, typically on a large Villa estate that is well manicured and lavishly decorated.
Generally, a town home and a villa are “attached” homes rather than detached single family home. The differences with a Villa depends on the community may be the type of Villa ownership. In some cases, a villa/town home may be fee simple ownership where the Villa homeowner pays their own homeowners insurance and is responsible for the exterior maintenance such a roof, etc. In many or most instances a Villa is found at the beach, you may find that villas and town homes are condo ownership, where villa condo dues cover master insurance policy on exterior of building, maintenance of exterior of building such as roof, siding, common elements of the Villa community such as landscaped areas, etc.