florida

Providing FHA Home loan Solutions For Florida Home Loan Applicants.

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

FHA HOME LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING COST:

  • 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.

FHA HOME LOASN HAVE EASIER CREDIT QUALIFYING GUIDLINESS FOR EXAMPLE:

  • No minimum FICO score or credit score requirements.                                                   
  • FHA will allow a home purchase 2 year after a Florida Bankruptcy.                                         
  • FHA will allow a home purchaseyears after a Florida Foreclosure.

FHA Home Loans for Buying a Florida Home or FHA Refinance Mortgages 

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Many Florida FHA loan applicants  are confused about what types of Florida home loan programs  are available to them. As a result of the Florida housing crisis the Florida housing market that has been hit with declining values. So, let me try to help you understand what Florida home loan programs are available to the average Florida home loan applicant or purchaser as far as FHA home loans in Florida are concerned.

 In the Florida mortgage market FHA home loan works great because even with the declining values that Florida property owners have experienced, an FHA home loan applicant can purchase a Florida home or FHA refinance up to up to 96.5% of the Florida home's appraised value. Apply Now for a FHA home loan with a HUD approved Florida FHA home loan provider.

 The Maximum Florida FHA Loan Amount varies depending which Florida county in . The FHA home loan may be used to purchase or FHA Refinance A Florida home loan for a single Family Home, Condo, PUDS, Modular and Manufactured Homes or  1-4 unit projects.

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

The FHA home loan debt to income ratios allowed are up to 35% for housing and up to 45% total monthly payments, but may vary depending on compensating factors. So make sure you ask a Florida FHA Home 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 Florida FHA refinance, the state of Florida requires you to pay tax of 1% on the new Florida FHA mortgage amount.

 FHA home Loans in high closing cost states such as Florida can have a FHA Home loan to value on a purchase of up to 98.75% if the Florida home 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 Florida FHA refinance rate is 97.15%.

 FHA home loans are insured with (UFMIP)-up front mortgage insurance, referred to as and monthly mortgage insurance (MIP). UFMIP is 1.75% of the base FHA home loan amount excluding UFMIP, which can be rolled into the FHA home 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 or mortgage insurance premiums.

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

 When making a decision on taking out a Florida FHA home loan to 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 Florida FHA home loan history, and depending on your underwriter, you may have to show cancelled checks for the last 12 months 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.

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

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580 MIN FICO SCORE 

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