Florida FHA Loan Qualifying

In General it’s easier to qualify for Florida FHA home loan compared to conventional loans and have lower down payment requirements. Unlike a conventional mortgage that is credit score driven; FHA loans do not have a minimum credit score requirement. This helps first time home buyers and other Florida buyers with bad credit qualify. The FHA loan limits in Florida vary deposing on the county and how much FHA will allow you to borrower depends upon your income. FHA loans typically will all a Florida mortgage applicant to spend up to 1/3 of his or her Gross monthly income towards the housing expense. So if you bring in $3000 per month before taxes. FHA loans allow you to spend up to $1000 or 1/3 of your gross monthly income (before taxes) on your Florida home expenses. The housing expense includes the mortgage payment plus the monthly taxes and insurance.  Not to worry so much about past credit issuers, you should have a reasonable credit history for the past 12 months and have stable predicable income likely to continue in order to qualify for a low FHA mortgage rate in Florida.

Benefits of FHA loans are:

• Only 3.5% down payment requirement or $3500 down payment per every 100K.
• Seller can pay up to 6% of your prepaid taxes, insurance, doc stamps mortgage stamps, intangibles, title insurance and all other closing coast associated with your home purchase.
• No Income Minimum or Limits
• Tax deductible interest write-off payments on mortgage when you file
• Acquire equity in you home over time
• FHA loan closing costs are regulated
• Lenient credit criteria

The Ins and Outs of a Florida FHA Mortgage

FHA/HUD approved private Florida FHA mortgage lenders like www.FHAMortgagePrograms.com to originate FHA aka Federal Housing Administration (FHA) loans in Florida. Florida FHA mortgages are popular with first time homebuyers and Florida buyers with less than perfect credit because under current FHA guidelines FHA does not even consider credit as a factor when approving Florida FHA loan. Florida FHA loans are based on the lower of purchase price or the appraisal value. Federal housing Administration loan limits are based on the location of the property. FHA loan limits vary in Florida, depending on the county and are available at fixed interest rates of either 15 or 30 year terms.

Benefits of Florida FHA loans:

• No Min FICO!
• Low down payments
• Minimal closing costs
• Gifts and Down payment assistance OK
• Liberal credit requirements
• No cash reserves required

The Federal Housing Administration (FHA) in Florida administers education to homeowners in Florida. These FHA Mortgage programs operate through lending institutions approved by FHA. FHA/HUD and the Florida Mortgage Association conduct a training programs and loss mitigation seminars to reduce the amount of Florida FHA loan defaults.

Florida FHA Loan

First time homebuyers and moving up buyers with good or bad credit can take advantage of FHA home loans in Florida. FHA Home Loans to help Florida homebuyers overcome financial barriers that prevent most from purchasing a Florida home. FHA home loans are easier and less expensive for Florida mortgage applicants with less than perfect credit.

FHA credit underwriting make it easy to obtain a Florida FHA loan:

• Judgments don’t have to be a paid off.
• Lack of credit history. If you do not have a minimum of 3  trade lines in the credit report, you may use an alternative credit form. These include rental history, utility bills, auto insurance payment history etc.
• Bankruptcy. If you are in bankruptcy, you have to wait for 2 years in order to obtain FHA loans in Florida. The bankruptcy must be offset by credit being reestablished with no late payments.
• Foreclosure. Ensure you do not have a property foreclosure in the previous 3 years. However, a FHA home loan in Florida may be granted, if the foreclosure is the result of extenuating circumstances.
• Non-purchasing spouse. The credit obligations of a non-purchasing spouse should be included with the application. A non-purchasing spouse also may be asked to sign a security instrument.
• Federal debt. Ensure you do not have any federal debts. Federal debts include VA mortgage, student loans and SBA loans.

FHA mortgage loans, FHA home loans,

FHA is short for Federal Housing Administration. FHA loans were created in 1934 to help stabilize the US economy during the great depression. The FHA mortgage helps Floridians realize the dream of Homing a Florida home. FHA was absorbed into HUD in the 1960s and is now known as FHA/HUD.

There are a great many benefits for those Florida homebuyers seeking an FHA loan that can only be found with an FHA Home loan.. Florida FHA loans are insured by the US government. They provide Florida FHA mortgage lenders with greater security against borrowers defaulting in contract to conventional mortgage programs.. FHA has sets the basic FHA guidelines for FHA mortgage lenders, however FHA approved lenders are able to add on their own specific underwriting requirements. This is why not all FHA lenders are able to offer Florida FHA loans to the same individuals. It is very important that you deal with a strong reputable  a company well versed in FHA loans and that knows exactly how to take advantage of all of their great FHA mortgage programs. For the Florida home buyer the FHA program can simplify the purchase of a Florida home, making financing with an FHA loan easier and less expensive than a conventional home loan program. Some highlights of the Florida FHA loan program include:

• Minimal Down Payment and Closing costs.
• Down payment less than 3.5% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.
• Easier Credit Qualifying Guidelines such as:
  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 2 year after a Bankruptcy.
  • FHA will allow a home purchase 3 years after a Foreclosure.

Apply for an FHA loan at www.FHAmortgagePrograms.com

Most Florida banks and other Florida  lending institutions require a middle score of 640 to qualify for an FHA Home loan. However at FHAmortgageprograms.com we can provide FHA financing  to anyone with a middle credit score of 530 or higher. For those with credit scores lower than 530 we will work with you until your credit is sufficient to qualify for an FHA home loan in Florida.

Here are some of the prime benefits of an FHA loan:

• Low down payment of 3.5%
• Very low mortgage insurance coverage only .55% and is (typically 50%-75% lower than conventional Florida mortgage insurance)
• Co-signers (including non occupant co-signers) are allowed for FHA qualifying
• medical collections don’t need to be paid or small collection accounts
• FHA has No income limitations at all
• Ability to use non tradition trade lines to qualify (phone bills, light bill, electric bill, cell phone bill, etc..)
• No approved zoning requirements
• FHA loans on Mobile Homes loans are allowed
• 97.75% refinance is OK or  85% Cash out
• No reductions to FHA loan amount for declining markets
• Not credit score driven
• Resident aliens are allowed
• No prepayment penalties EVER
• Security of a 30 year fixed mortgage
• 6% seller contribution are OK!
• High debt to income ratios up to 42% and up to 50% with compensating factors
• Compensating factors such as length of time on the job or funds in reserves help overlook negative factors
• No reserves required from buyer
• Gifts are allowed from family, friends, work, or other interested parties
• Down Payment Assistance Programs allowed

FHA home loan are very popular right now for Florida first time home buyers and people with challenged credit access to low cost secure fixed rate mortgage.

General FHA home Loan Underwriting Guidelines

Disclaimer:  These guidelines are to be considered standard or general.  FHA will, from time to time, change their guidelines such as loan limits or debt-to-income ratio requirements.  In times when guidelines change frequently, we are not able to update the guidelines immediately, therefore, we cannot guarantee that the guidelines outlined here will be in effect at the time of your loan application but is provided to give you the basic idea of the requirements of the FHA mortgage.

• Neither the lack of traditional credit history nor the lifestyle of the FHA Mortgage applicant may be used as a basis for rejection
• Collections: Based upon the surrounding circumstances, and as determined by our underwriter, these do not necessarily have to be paid.
• Judgment: Are required to be paid off before the FHA Mortgage loan is eligible for insurance. However, exceptions can be made if the borrower has been making regular timely documented payments and the creditor is willing to subordinate the judgment to the insured FHA Mortgage.
• Foreclosure: An FHA Mortgage applicant whose previous residence or other real property was foreclosed on, or who has given a deed-in-lieu of foreclosure with the previous three years is not generally eligible. Exceptions can be made based upon extenuating documented circumstances.

FHA Mortgage loan Advantages Include:

Minimal Down Payment and Closing Costs.

• Down payment less than 3.5% of Sales Price
• Gift for down payment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

• Minimum FICO credit score of 540.
• FHA will allow a home purchase 2 years after a Bankruptcy.
• FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio’s than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

Apply now at  www.FHAmortgageFHALoan.com or all 954-667-9110

• Reserves: There are no reserve requirements for one and two-family until residences. Three months reserves are required for three and four-family unit residence’s.
• Rental Income: Rental income from relatives residing on the premises is acceptable provided the rental income is shown on the borrower’s tax returns.

• Cash Saved at Home: FHA Mortgage applicant who meet the “cash borrower” profile (no traditional credit, no bank accounts, etc.) who have saved cash at home and are able to adequately demonstrate the ability to do so are permitted to have this money included, with satisfactory explanation, as an acceptable source of funds to close a mortgage loan.
• Child care expenses are NO LONGER included as debt.
• Non Occupant Co FHA Mortgage applicant: When there are two or more borrowers, but one or more will not occupy the property as a principal residence, the maximum mortgage is usually limited to 75% loan to value. However, maximum financing is available for borrowers related by blood or for unrelated individuals that can document evidence of family type, long-standing and substantial relationship not arising out of the loan transaction. Qualifying is determined by the underwriter.
• Assumable: All FHA loans are assumable
• Electronic/Online Payroll: 1st Continental Mortgage, and the industry as a whole, recognize that some employers use online payroll for pay stubs and W-2′S. These types of documentation are acceptable.
• Rate Adjustments: There are no interest rate adjustment “penalties” for higher loan to values with FHA fixed rate loans. The rate, is the rate, is the rate.
• Secondary Financing: Secondary financing is not allowed with an FHA loan. The only acceptable second mortgage is with an approved HUD gifting agent such as down payment assistance provided by a gov’t agency in the form of a “silent” second mortgage. Piggie Back seconds/HELOCS are simply not allowed.
• Home Inspection: A home inspection may or may not be required on a property based upon various factors. Typically you will find it is not required, but is recommended on any existing residence.
• Pest Inspection: A termite inspection is required for all existing properties.
• Closing Costs: Closing costs charged to the borrower are restricted and may in fact be less than conventional closing costs dependent upon your lender or broker.
• Chapter 7 Bankruptcy: Will not disqualify a FHA Mortgage applicant if at least two years have passed since the bankruptcy was discharged
• Chapter 13 Bankruptcy: An FHA Mortgage applicant paying off debt under Chapter 13 may also qualify if at least one year of the pay out period has elapsed with satisfactory payment performance and the court approves the borrower entering into a mortgage transaction.
• Aliens: FHA will insure mortgages made to lawful permanent resident aliens under the same terms and conditions as a US citizen.
• No Income Restrictions
• Multifamily: Three and four family unit residences, regardless of occupancy status, must be self-sufficient. The maximum mortgage is limited so that the ratio of the mortgage payment divided by the monthly net rental income does not exceed 100%. The net rental income is the appraiser’s estimate of fair market rent from all units (including the unit chosen by the borrower for occupancy) less the allowance for vacancies and maintenance which is 15%. 85% of the rental income that is expected from the non-occupied units is added to the borrower’s income for qualifying purposes. Down Payment is calculated the same as single-family units.
• Overtime, Bonus and Part-time Income: Overtime and/or bonus income received for a period of less than two years is acceptable where the underwriter determines that there are reasonable expectations of it’s continuance. An earning trend over the period of time of receipt must be established and analyzed. Part-time income means income from jobs taken in addition to the normal regular employment to supplement the FHA Mortgage applicant income. The same rules apply for determining using it as a part of qualifying.
• Extended Absence from Workforce: In some cases, the FHA Mortgage applicant may have recently returned to the work force after an extended absence. The borrowers income may be considered effective and stable provided the borrower has been employed in the current job for 6 months or more and the borrower can document a 2 year work history prior to the absence from the work force.
• Higher Ratios: HUD’s standard ratio guidelines are 31% (maximum exception of 36%) of your gross income for housing and 43% (maximum exception of 50%) of your gross income for housing plus other creditors. Borrowers may, at the underwriters discretion, be allowed to extend beyond these ratios based upon sufficient compensating factors.
• Down Payment: The minimum down payment is approximately 3%. While credit quality can affect this qualifying requirement, the typical borrower only needs the standard HUD guideline of 3% to be approved.
• Gifts: 100% gift funds are acceptable. The donor may be a relative of the FHA Mortgage applicant, the employer or labor union, a governmental agency, a not for profit private organization, or close friend with a clearly defined interest in the borrower. No repayment of any gift may be expected or implied. Sellers are allowed to pay all closing costs on behalf of the borrower up to 6% of the purchase price.

Is an FHA Home loan Mortgage Right for You?

The days of putting just  little money down to buy a home are not over

After many years of risky home loans backed up by small down payments, most lenders aren’t underwriting mortgages without a large sum money for a  down payment and a high credit score. But a loophole can still put home buyers in a Florida home for little or no money down. FHA Mortgages insured by the Federal Housing Administration (FHA) allow Florida mortgage applicants  to get approved with a low down?payment as small as 3.5% of the purchase price and you  don’t require a high credit score.

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

• Down payment less than 3% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

•  
  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 1 year after a Bankruptcy.
  • FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-954-667-9110 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

www.FHAmortgageFHAloan.com

As millions of Florida homebuyers have come to realize, getting into a Florida home for little money down has its disadvantages. Borrowers who’ve invested little money down on their home are often more willing to walk away from it during tough times rather than struggle with tough payments; this risk is further elevated when Florida home values are declining and troubled Florida mortgage applicants are unable to refinance or sell their Florida  home at a price that covers their losses.

Still, FHA home loans are far less risky than a subprime?or hard money loan that lenders originated before the housing bubble. FHA-insured mortgage loans require documentation and verifiable proof that the borrower is capable of making their mortgage payments. (In the past lenders didn’t require such proof.)

The looser terms of FHA home loans have helped make them more for Florida homebuyers. Today, FHA home loans  make up about 30% of the mortgage Florida mortgage market, up from 5% in 2005, The FHA commissioner David Stevens said in a speech earlier this month. In June, of  FHA insured over 200,000 FHA home loans – the highest monthly total in the agency’s history, according to Stevens. For fiscal year 2009, the dollar amount of FHA home loans  are likely to reach 30% of mortgage originations, up from around 5% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.

“FHA-insured?home loans  are one of the only games in town, especially if you can’t qualify for a traditional Florida mortgage,” says Thomas Martin, the chairman of the which trains and certifies mortgage lenders and brokers. “Now that the subprime market is gone, the FHA home loan is filling the void.

Here’s how to determine if an FHA-insured mortgage is right for you.

Do you meet the FHA home loan qualifications?

Most Florida mortgage applicants of FHA-insured mortgages have stable predicable income likely to continue with their credit history and debt load than a conventional mortgage loan might allow,

“When analyzing an FHA mortgage applicants  credit, we expect FHA mortgage lenders to examine the overall pattern of credit behavior rather than isolated occurrences of poor performance or relying solely on a credit score, This includes a borrower’s rental or mortgage payment history, debts, collections, previous foreclosures and bankruptcies. Borrowers with a credit score less than 500 must make a 10% down payment to  qualify.

Today, over 80% of FHA-insured purchase-mortgages belong to first-time Florida home buyers, thanks to looser requirements and the comparatively small 3.5% down payment, (Another perk is that borrowers are permitted gift assistance for the down payment from their friends, a family, employer or a government entity, but not the seller.)

Can you afford the costs?

Now, FHA mortgage  interest rates  and non-FHA mortgages aren’t much different. A 30-year fixed-rate FHA-insured mortgage had an average rate of 5.25% for the week ending Aug. 20, compared to an average rate of 5.44% for a 30-year fixed rate non-FHA mortgage,

However, there are unique fees that accompany an FHA mortgage. A mortgage applicant is required to pay 1.75% of the loan amount upfront, or that fee can be financed into the mortgage. FHA-insured mortgages also require a 0.55% annual premium based on the outstanding FHA  loan balance and financed into the mortgage. These fees pay for the FHA insurance that makes the loan possible,

A borrower who has a high credit score – typically a minimum of 720 – and a 20% down payment is often better off with a traditional non-FHA mortgage, which includes fewer fees. However, the math gets tricky when a borrower has a high credit score but a down payment less than 20%; in those cases, the borrower will have to pay for private mortgage insurance (PMI). Depending on your situation, PMI can cost less, the same or more than FHA mortgage fees.

What protections are in place for the FHA mortgage lender?

FHA mortgage Lenders are comfortable providing FHA mortgages because they don’t bear the loss if a mortgage applicant defaults on their payments and goes into foreclosure – the FHA does.

In such a scenario, the FHA pays the lender an insurance claim equal to the sum of the unpaid principal balance of the loan, foregone interest and a portion of the foreclosure expenses, The FHA pays for these losses by dipping into its insurance fund, which holds the insurance fees borrowers pay.

 Florida FHA Mortgage, Florida FHA Loan, Florida FHA Lender

FHA loans have been helping Florida homebuyers become homeowners since 1934. How does FHA help? The Federal Housing Administration (FHA) – which is part of (HUD), provides mortgage insurance to insure private lenders against loss. The mortgage insurance allows private Florida lenders to lend up to 97% of the purchase price and allows financing with No Minimum credit score requirement for Florida homebuyers.

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA loans with terms that make it easier for you to qualify.

Minimal Down payment Requirements – FHA loan can work with as little as 3% down and those funds can come from a family, grant , or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that there are many Florida down payment assistance programs to help you with the down payment.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage loan lates get approved every day for FHA loans to buy or Refinance homes in. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the Florida borrower.

Safeguards for Borrowers Who Get Behind – FHA loans also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA loan.

Options for Manufactured Housing – Under certain conditions, you can even secure an FHA loan for a Mobile Home or manufactured home using a Florida FHA mortgage loan.

FHA Loans Are Fully Assumable – When you are ready to sell your Miami home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.

All about FHA Loans –

Buying a Florida Home is easy with FHA.

The FHA loan program was created to help Florida homebuyers qualify for home. The  FHA mortgage program makes buying a Florida home easier and less expensive than other types of Florida home loan programs. Some highlights of the FHA loan program include:

 Minimal Down Payment and Closing Costs.

• Florida buyers only need a Down payment less than 3.5%.
• Gifts from Family and Friends  for down payment OK!
• No reserves or money saved in the bank is required.
• FHA regulated closing costs.

• Seller can credit up to 6% of sales price  your costs.

Easier Credit Qualifying Guidelines such as:

• Minimum FICO credit score of 530.
• FHA will allow a home purchase 2  years after a Bankruptcy.
• FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio’s than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

 Apply now at www.FHAmortgagePrograms.com

These advantages of the FHA loan program has made it one of the best options for Florida homebuyers

Qualify today at: http://www.fhamortgagefhaloan.com/

Florida FHA Mortgage Qualifying Summary

FHA loans are the easiest type of Florida mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all Florida mortgage and home loan programs and only require less than 3.5% down payment.

Following are  the basic FHA home loan qualifications.

• 2 Years of stable predicable employment, college counts towards 2 year.
• Last two years Income should be the same or increasing.
• Credit report should typically have minimal collections over the past 12 months.
• Bankruptcy’s must be at least 2 years old, with No late payments since discharge.
• Foreclosure’s must be at least three years old, with perfect credit since.
• Your new Florida mortgage payment should be up to 35% % of your gross monthly income or your before tax income.

These are some of the most basic of FHA guidelines for qualifying for an FHA loan in Florida .  If  you have answered yes to most of these statements then you will qualify for an FHA home loan. visit: www.FHAmortgageFHAloan.com for a pre approval on your next Florida FHA mortgage.

FHA Loans – Income Qualifications

The FHA mortgage loan is to assist Florida homebuyers to purchase Florida homes and refinance existing Florida mortgage loans. Therefore the income qualifying guidelines are more flexible than  any other conventional mortgage program.

One of the first questions Florida lenders will ask is How much can the mortgage applicant afford each month for the housing expense. Florida mortgage lenders use debt to income ratios to determine a mortgage applicants capacity. This information helps the Florida mortgage lender decide whether you can comfortably afford a Florida home loan.

When you apply for a Florida mortgage, lenders will need to know your gross monthly income, the income before you pay tax,, including overtime, bonus, commissions, dividends and any other sources of monthly income that is fully verified and considered stable and predictable.

Your monthly housing expense as a percentage of your total gross monthly income is called the housing expense ratio. FHA suggests to spend no more than 35% of your income on your mortgage payment including principal, interest, tax and insurance. Calculate what your new monthly mortgage payment should be by using the formula:

Take your Gross Monthly Income and (X) by 35% = your Max monthly Mortgage Payment

In addition to your ability to make your monthly mortgage payment indicated by your debts and income ratio, Florida FHA mortgage lenders will look at your ability and willingness to repay your Florida mortgage as indicated by your credit report. Your willingness will be judged by your credit report records — that is, how well you’ve paid your home  loans and other monthly obligations  in the past.

Summary of FHA Home loan Advantages for Florida Home buyers.

Florida Mortgage,  Florida FHA Loan, FHA home loan,  FHA mortgage refinance

For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive for Florida mortgage seekers. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed

Seller can credit up to 6% of sales price towards closing and prepaid costs.

100% Financing available

No reserves required.

FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements.

FHA will allow a home purchase 2 year after a Bankruptcy.

FHA will allow a home purchase 3 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448.

Many Florida mortgage applicants are confused about what types of FHA mortgage programs are available to them. In the Florida real estate market that has been hit with large declining values, this is especially true. So, let me try to help you understand what is available to the average Florida home owner or purchaser as far as FHA mortgage loans in Florida are concerned.

In a market such as Florida, FHA works great because even with the declining values that Floridian property owners have experienced, a Florida FHA buyer can borrow up to 97% of the Florida home’s appraised value or purchase price -whichever is less. Apply now for a FL FHA home loan with a HUD approved Florida FHA lender.

The maximum loan amount varies by which county in Florida the property is located. The FHA mortgage may be used to purchase or refinance a single family home, 1-4 unit projects, Condos, PUDS, Modular and Manufactured homes.

The FHA mortgage is available to U.S. Citizens, permanent resident aliens, and non permanent resident aliens may qualify too, so talk to your licensed Florida loan officer to check your eligibility.

The income ratios allowed are up to 31% for housing and up to 43% total payments, but may vary depending on compensating factors. So again, make sure you ask your licensed Florida loan officer. Florida is considered a high closing cost state, which means the costs are at or above 2.1% of the sales price. One of the reasons for this is that Florida has a 1% Mortgage tax; even on a refinance, the state of Florida requires you to pay tax of 1% on the new mortgage amount.

FHA Loans in high closing cost states such as Florida can have a loan to value on a purchase of up to 98.75% if the property is valued at less than $50,000, and 97.5% for a value of $50,000, up to $125,000. For all values above $125,000, the rate is 97.15%.

FHA mortgages are insured with up front mortgage insurance, referred to as (UFMIP) and monthly mortgage insurance (MIP). UFMIP is 1.50% of the base loan amount excluding UFMIP, which can be rolled into the loan or paid all in one shot at close. FHA/HUD charges an annual premium which is split into 12 payments – this is what is known as MIP.

Some Florida borrowers may be entitled to a partial refund of the UFMIP, if their loan closed on or after January 1, 2001, to pay off or refinance an FHA loan within five to seven years of its original closing date.

When making a decision on taking out a Florida FHA mortgage on your purchase or refinance of a home, you must make sure that you can qualify for this type of loan. So again, make sure that you work with an experienced FHA licensed Florida loan officer.

FHA loans require full documentation of income and assets. You will be required to show 2 months most recent pay stubs, 2 years W-2s and/or tax returns, a written verification of employment, as well as 2 most recent statements for all checking, savings, 401k, and like accounts with a verification of deposit from your bank. Also required is a 4506 form, which gives the IRS permission to verify your taxes.

You will also have to show verification of rent or previous mortgage history, and depending on your underwriter, you may have to show cancelled checks for the last 6 months to one year of rent or mortgage payments made. Due to the tremendous amount of fraud that has occurred in Florida, expect that all FHA loans underwritten on Florida homes will be scrutinized.

 http://www.fhamortgagefhaloan.com/

Florida FHA home loan “No MINIMUM CREDIT SCORE”

http://www.fhamortgagefhaloan.com/

Florida FHA home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

FHA guarantees “eligible” Florida loan applicants the ability to obtain Florida mortgages with No money or Little money down .FHA loans feature low down payments and flexible guidelines to make it easier to for Florida homebuyers to qualify! FHA loans are popular with Florida first time home buyers but they can be equally attractive to Florida move-up buyers and Florida homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the Florida home. Please keep in mind that the FHA home loan will be based on the homes purchase price or the appraised value.

• Minimal Down Payment and Closing costs.
• Down payment less than 3% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.
• Easier Credit Qualifying Guidelines such as:
  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 1 year after a Bankruptcy.
  • FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

http://www.fhamortgagefhaloan.com/

When analyzing a Florida mortgage applicant credit report, it is important to focus upon the general pattern of credit behavior rather than isolated occurrences of late payments.  Often times, Florida mortgage applicants will experience a period of financial difficulty in the past and does not necessarily translate into an unacceptable risk.  Reasonable explanations of the credit derogatory and evidence of offsetting factors (such as a new job or promotion with greater stability and pay, for example) will be necessary.  All derogatory credit information must be explained, in writing, by the borrower.

The following is a brief synopsis of the credit underwriting guidelines for FHA mortgage loans:

Lack of credit history:  If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used.  This would include items such as auto insurance payment history, utility bills, etc. 

Included credit obligations:  Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan.  However, consideration is given to a large debt of over $100 a month, regardless of the number of months remaining.  Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios.  The minimum payment on all revolving accounts (i.e. credit cards) is also factored in.  If the borrower has an open revolving account without a balance, $10 per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.

Chapter 7 Bankruptcy:  FHA requires a minimum of 2 years since the discharge of the bankruptcy.  An explanation of the bankruptcy will be required.  Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late payments.  

Chapter 13 Bankruptcy:  FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.

Federal Debts:  A Florida mortgage applicant is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property).  Borrowers can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.

Judgments:  Judgments must be paid or have 12 months of arranged payment history

Collection Accounts:  Collections do not need to be paid  (LOX) needed

Foreclosure:  A borrower who has had a property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a FHA home loan.  However, if it was the result of extenuating circumstances beyond the borrower’s control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the borrower has since re-established good credit, an exception may be granted.  However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

Non-purchasing Spouse:  If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the borrower.  Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.    

To Learn more about FHA financing visit the links below   

FHA Hone loan Advantages Include:

Minimal Down Payment and Closing Costs.

• Down payment less than 3.5% of Sales Price
• Gift for down payment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

• No Minimum FICO credit score
• FHA will allow a home purchase 2 years after a Bankruptcy.
• FHA will allow a home purchase  3 years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio’s than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

http://www.fhamortgagefhaloan.com/

The FHA mortgage program is a mortgage loan designed to assist every qualified and eligible Florida homebuyer with having the opportunity to qualify for the home of their dream. Insured by FHA the Federal Housing Administration, the FHA loan program provides prospective FHA mortgage applicants with tremendous opportunities. Offering FHA mortgage rates that are traditionally lower than conventional Freddie/Fannie home loans.

The FHA mortgage is fast becoming the Florida mortgage loan of choice for many Florida Home Buyers around Florida, including the areas we cover:

Serving These Fine Florida Communities:

Arcadia :: Boca Raton :: Boynton Beach :: Bradenton :: Brandon :: Cape Coral :: Clearwater :: Clewiston
Crestview :: Daytona Beach :: Deerfield Beach :: Deland :: Delray Beach :: Deltona :: Destin :: Englewood
Fort Pierce :: Ft. Lauderdale :: Ft. Myers :: Ft. Walton Beach :: Gainesville :: Hollywood :: Homosassa Springs
Jacksonville :: Key West :: Kissimmee :: Lake City :: Lakeland :: Lynn Haven :: Marathon :: Marco Island
Melbourne :: Miami :: Miami Beach :: North Fort Myers :: North Miami Beach :: Naples :: Ocala :: Okeechobee
Orlando :: Ormond Beach :: Osprey :: Palatka :: Palm Bay :: Palm Beach :: Palm Coast :: Panama City :: Pensacola
Pompano Beach :: Port St. Lucie :: Punta Gorda :: Santa Rosa :: Sarasota :: Sebastian :: Sebring :: Springhill
St. Augustine :: St. Petersburg :: Tallahassee :: Tampa :: The Villages :: Titusville :: Venice :: Vero Beach
Wauchula :: Wesley Chapel :: West Palm Beach :: Winter Park :: Broward :::: Dade ::
Palm Beach ::

Not every Florida mortgage Broker can originate the FHA home loan. FHA maintains strict guidelines which limit wich Florida mortgage lenders can assist Florida home buyers and home owners like you. With such strict quality guidelines for Florida mortgage lender , you can know with confidence that you’re dealing with a strong reputable Florida mortgage lender if they originates the FHA mortgage Program, they are a strong and reputable firm. our job is to place you in the right FHA Mortgage the first time, and the FHA home loan program is a solid foundation to your next Florida home loan.

benefits that homebuyers find with FHA include:

• Down payment is much lower than any other mortgage only 3.5%
• Interest Rates much Lower if you have had collections or past judgments.
• Down Payment GIFTS ok from Family and Family Friends is Allowed.
• Collections do NOT disqualify you from qualifying for an FHA home loan.
• NO INCOME Limitations- This means EVERYONE is eligible for the FHA home loan program regardless of whether you’re wealthy or poor, have owned a home before or are a Florida First Time Buyer.
• No credit history is required to qualify for an FHA home  Loan
• Works with Grant and Charity organizations – You don’t have to provide your own down payment.
• Home Buyers – Seller paid closing costs are allowed.
• Florida Home Owners – A cash out Refi with the FHA program is just fine.
• Higher Debt to income ratios are allowed for eligible Florida mortgage applicants
• Typically, there are NO Cash Reserve requirements.
• Underwriting Flexibility that is based upon your credit not your credit score – Credit score is not even considered – 520? Hey, you may be eligible for the FHA Loan program!
• Underwriting is done using both Automated and Manual review – This means if a loan makes sense, it doesn’t matter what the computer says.
• Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA financing

The fact is, there are many good reasons Florida home buyers and Florida home owners consider an FHA home loan over other mortgage programs. Beyond just the Best FHA interest rate benefits, Most flexible qualifying guidelines  and great terms, the FHA home loan gives you peace of mind.

The FHA home loan program is administered in such a way that it is actually designed to protect Florida homebuyers in times of hardship! How you ask? Unlike Sub-Prime or Bad Credit home loans, the FHA mortgage offers many different Foreclosure prevention programs that actually you keep your home.

Let FHA Loans Help You Buy a Florida HOME.

Did you know, the FHA mortgage program provides more security to Florida homeowners than ANY other FHA mortgage program today? In cases of financial difficulty, you have a higher probability of NOT losing your Florida home if you have an FHA mortgage Vs. those who have a conventional or Sub-Prime Florida home loan. Plus, all FHA home loans are FULLY assumable — adding one more layer of protection for you and your family!

Florida home buyers should know the many advantages of the FHA home loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the home buying process, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

• Down payment less than 3% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:  

• No minimum FICO score or credit score requirements.
• FHA will allow a home purchase 1 year after a Bankruptcy.
• FHA will allow a home purchase2 years after a Foreclosure.

Apply NOW AT  http://www.fhamortgagefhaloan.com/

FHA loans have been helping Florida homebuyers become homeowners since 1934. How do we do it? (FHA) aka the  Federal Housing Administration – which is part of HUD – insures the FHA home loan, so your Florida mortgage lender can offer you a better deal.

• Low down payments
• Low closing costs
• Easy credit qualifying

What does FHA have for you?

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a Florida  fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.

FHA Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your Florida home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about Florida manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.