FHA MORTGAGE LENDERS HAVE MINIMAL COST AND FEES! 

• 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 buyers costs. 
• No reserves or future payments in account required.
• FHA regulated closing costs. 

FHA MORTGAGE ARE RE EASIER TO QUALIFY FOR:

• Purchase a Florida home 12 months after a chapter 13 Bankruptcy 
• Purchase a Florida 24 months after a chapter 7 Bankruptcy.
• FHA will allow a FHA mortgage 3 years after a Foreclosure.  
• Minimum FICO credit score of 580required for96.5%financing.
• 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.

FHA ALLOWS HIGHER DEBT TO INCOME & EASIER 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.

Why Are Jacksonville FL FHA Mortgage Lenders So Popular With Jacksonville Florida Homebuyers and Homeowners?

• LOWERS DOWN PAYMENT OPTION 

The Federal government insures FHA mortgage lenders against losses, therefore the FHA mortgage applicants has very minimal down payment and closing cost. FHA mortgages require a minimum 3.5% financial commitment from the applicant. The loan does allow for the home seller to pay for all closing costs, up to 6% which is frequently enough to take care of almost any property sale.

• EASIEST TO QUALIFY 

Prequalifying for a Florida FHA home loan is rather straightforward. Because it’s the FHA that insures your home loan, the creditors and lending institutions make it feasible for anybody to qualify when they meet the base requirements. The primary components of qualifying are history of credit, earnings and employment history.

• FIXED 30 YEAR RATES WITH NO PREPAYMENT PENALTIES 

One of the big advantages of your Florida FHA loan is the benefit of having a fixed 15 or 30 year interest rate. In comparison to other regular loans in which the loan interest rates change, the rate remains the same for the total length of the loan. This timeframe is typically for 30 years. Because of this provision the consumer can budget their predetermined monthly installment ahead of time.

• NO RESERVES ARE REQUIRED

 In contrast to most conventional home loan programs, Florida’s FHA home loan is a very tempting option for Jacksonville first time buyers that have a little revenue saved.

Jacksonville First Time buyers should find out what to expect before starting the FHA mortgage loan application process. Being prepared will always boost your opportunities in successfully getting the FHA mortgage approved. Here we list a few steps and some things to consider.

4 C’S JACKSONVILLE FLORIDA FHA MORTGAGE LENDER REQUIRMENTS

1. Cash/ Equity -FHA 3.5% Down Payment Cash or 20% Equity- Verity the borrower has the down payment from acceptable source on a purchase or enough equity to cover payoffs and closing cost to include taxes insurance on a refinance.
2. Min Credit 500+ Credit Score – Does the borrower have the minimum credit score to meet the loan program? Does the borrower have collections that have to be paid off that will reflect the cash needed to close? Do student loans that are deferred need to be added to the monthly obligations? Does the lender require %1 or 5%.
3. Capacity-55% FHA Maximum-  Does the borrowers debt to income ratio meet the loan program requirements. We just explained this in credit.
4. Collateral- Single family homes, townhomes, villas, FHA Approved Condos!

CATEGORY: FLORIDA FHA MORTGAGE GUIDELINES