At one point Florida FHA Mortgage Lenders provided the only alternative to local bank financing for Florida home buyers. In the fashion world, there is a saying: Wait long enough, and everything comes back into style. That rule applies just as well to FHA mortgage program. Long-overlooked, the FHA mortgage is becoming popular again with Florida Home Buyers for its low rates and the real security it provides for Florida FHA Mortgage Lenders.
FLORIDA FHA MORTGAGE LENDERS KEY POINTS
- 550 Min Fico with 10% Down!
- 580 Min Fico with 3.5% DOWN.
- NO Credit Score Approvals!
- Bad Credit Florida Mortgage Approvals!
- Seller Paid Closing Cost up to 6%!
- Purchase Florida Home, Townhouse, Villa, Condo or Manufactured home!
- Please note we provide free credit counseling to and work with everyone to get PRE APPROVED!
EASY FHA MORTGAGE QUALIFYING
FHA mortgage lenders provide this popular choice for Florida home buyers and home owners without a large down payment or with limited equity in your home. Many people think that you have to be a first time buyer to use a FHA insured mortgage to buy a home, and this is simply not true. You typically cannot have more than one FHA loan at a time, unless your employment requires that you move 100 miles away, and you must live in the home as your primary residence.
Florida Properties eligible for FHA Mortgage Loans include:
- Single family House –
- Villa –
- Condominium –
- Townhouse –
- Manufactured Double wide only built in the last 20 years.
FLORIDA MORTGAGE APPLICANT REQUIREMENTS
- 2 Years in the Same line of work! Student transcripts can be used towards the 2 year requirement.
- Owner Occupied only – borrower must live in the Florida home as a primary residence.
- Credit scores as low as 620 allowed with 3.5% Down and and debt to income restrictions up to 56.9%.
- Credit scores as low as 580 allowed with 3.5% Down and debt to income restrictions of 43%.
- Credit scores as low as 550 allowed with 10% Down and debt to income restrictions of 43%.
- Full Doc approval required to include income, bank statements an W2 and/or tax returns.
- 100% down payment can be gift or grant program!
FHA MORTGAGE LOAN TERMS
- 30 Year Fixed
- 15 Year Fixed
- FHA Upfront Mortgage Insurance Premium 1.75% can be financed into loan amount
- Annual .85% FHA Mortgage Insurance Premium (paid monthly)
FHA LOAN LIMITS
The FHA maximum loan amount allowed when using an FHA insured mortgage is determined by the Florida County you live in.
FHA WAITING PERIODS AFTER BANKRUPTCY AND FORECLOSURE
- 1 Year from Discharge of Chapter 13 Bankruptcy with 12 months timely payment history and permissoin from the trusttee.
- 2 Years from Discharge of Chapter 7 Bankruptcy
- 3 Years from Foreclosure, Short Sale or Deed in Lieu of Foreclosure.
(note start counting 3 years after the deed/title transferred out of your name.)