florida

FHA Mortgage loans are the easiest type of real estate mortgage loan for Florida mortgage applicants to qualify for. The FHA mortgage guidelines for loan qualification are the easiest and most flexible of all Florida mortgage loan programs that require less than 5% down payment to purchase a Florida home.

FHA MORTGAGE BASIC LOAN REQUIRMENTS

  • Two Years of stable, pedicitable income, preferably with same employer or line or work.
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than (2) two thirty day late payments in last two years with a minimum credit score of 620 or higher or in some cases no credit score loan applicants can use alternate trade lines. 
  • Chapter 7 Bankruptcy must be at least (2)  two years old, with perfect credit since discharge.
  • Florida home Foreclosure's must be at least (3) three years old, with perfect credit since.
  • Your new Florida FHA mortgage payment should be approximately 35% of your gross (before taxes)  income.

These are some of the most basic of FHA mortgagage  requirements  for qualifying for a FHA mortgage loan.  If  you mostly answered "yes" , you probably qualify for a FHA mortgage loan to purchase a Florida home.

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

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954-667-9110

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