www.Florida-Mortgage-Lenders.com 
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911loan@gmail.com

 
1399173
"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
5.0/5.0
by lbaze2008
1375949
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
5.0/5.0
by rmac333
1345066
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
5.0/5.0
by zuser20140303145114251

CREDIT REQUIREMENTS Mobile top

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 

CALL NOW!

954-667-9110

Apply Now!

 CAPE CORAL FLORIDA FHA MORTGAGE OR PURCHASE OR REFINANCE

The FHA mortgage provides Cape Coral FHA mortgage applicants and current Cape Coral Florida home owners buy a home with less than 3.5% down with a less than perfect credit. Or current Cape Coral Florida homeowners can FHA mortgage refinance up to 97.75% of the Fl home value. 

CAPE CORAL FLORIDA FHA MORTGAGE LENDERS

FHA Mortgage Lenders

KEY POINTS TO THIS MORTGAGE PROGRAM

CAPE CORAL FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING 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. 

CAPE CORAL FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:

CAPE CORAL FLORIDA FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING

Why Are CAPE CORAL FL FHA Mortgage Lenders So Popular With CAPE CORAL 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.

• EASIER TO QUALIFY 

Prequalifying with FHA mortgage lenders is very transparent because FHA guarantees the mortgage 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, debt to income and employment history.

• FIXED 30 YEAR RATES WITH NO PREPAYMENT PENALTIES 

One of the big advantages of using a  Florida FHA mortgage lenders  is the benefit of having a fixed 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. 

• NO RESERVES ARE REQUIRED

 In contrast to most conventional home loan programs, Florida FHA mortgage lenders have NO minimum reserve requirements. CAPE CORAL Florida 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 your FHA mortgage loan approved. 

What Is The Minimum Credit Score For An FHA Mortgage? 

The FHA mortgage applicant is NOT eligible for FHA-insured financing if the Minimum Credit Score is less than 500. If the Minimum FHA Mortgage Credit Score is between 500 and 579, the FHA mortgage applicant is limited to a maximum loan-to-value (LTV) of 90 percent.

4 C'S CAPE CORAL FLORIDA FHA MORTGAGE LENDER REQUIRMENTS

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.

 

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%.

 

Capacity-55% FHA Maximum-  Does the borrowers debt to income ratio meet the loan program requirements. We just explained this in credit.

 

Collateral- Single family homes, townhomes, villas, FHA Approved Condos!

 

CAPE CORAL FLORIDA FHA MORTGAGE INFORMATION 

Do Cape Coral FHA Mortgage Lenders Allow Gifts for Down Payment And Closing Cost?

Do Cape Coral FHA Mortgage Lenders Allow Gifts for Down Payment And Closing Cost? Cape Coral FHA Mortgage Lenders refer to Gifts as contributions of cash or equity with no expectation of repayment.     Cape Coral FHA Mortgage Lenders Allow Gift Funds from the following approved sources • The  FHA mortgage applicants Family Member;  • The  FHA mortgage applicants employer or labor…

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Will Cape Coral FHA Mortgage Lenders Allow More Than 1 FHA Mortgage?

Cape Coral FHA Mortgage Lenders will not insure more than one Property as a Principal Residence for any FHA mortgage applicants, except as noted below. Cape Coral FHA Mortgage Lenders will not insure a Mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining Investment Properties, even if the…

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Cape Coral FHA Mortgage Lenders Cash Out and Rate Term Refinance

Cape Coral FHA Mortgage Lenders Rate Term Refinance Properties owned > 12 months: The subject property must be owner occupied for at least 12 months at the time of case number  assignment.  Properties owned < 12 months: The subject property must be owner occupied for the entire period of ownership at the time of case number assignment. …

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Cape Coral FHA Mortgage Lenders Compensating Factors

FHA COMPENSATING FACTORS What are FHA compensating factors? (FHA compensating factors are the stronger elements of a credit application that it offsets something weaker in the application) but it’s more complicated than that. Different FHA Lenders manage the consideration of compensating factors in different ways. FHA’s written guidelines outline specific examples of what FHA compensating factors…

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Cape Coral FHA Mortgage Lenders Manual Underwriting Approvals

 FHA Manual Underwrite Lenders Specifications  CREDIT SCORE RANGE MAXIMUM QUALIFYING RATIOS APPLICABLE GUIDELINE 500 – 579 ·31/43 ·Energy Efficient Homes may stretch ratios to 33/45 ·Max LTV 90% unless cash out (80%) ·No gifts ·No down payment assistance ·No streamlines ·One month in reserves for 1-2-unit Properties, three months in reserves for 3-4-unit properties (cannot be a…

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Cape Coral FHA Mortgage Lenders Allow Non Occupant Co Borrowers

Cape Coral FHA Mortgage Lenders Non-Occupant co borrower 1-Unit properties only. Max mortgage is limited to 75% LTV unless non-occupying co- borrower’s meet FHA definition of ‘family member’. Seller cannot be non-occupant co-borrower. Non-occupant co-borrowers may be added to improve ratios. Non-occupant co-borrowers cannot be used to overcome or offset borrower’s derogatory credit. The non-occupying borrower arrangement…

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Cape Coral FHA Mortgage Lenders Source Of Down Payment And Reserves

Cape Coral FHA Mortgage Lenders require a minimum cash investment from FHA mortgage applicants own funds and/or gift (no cash on hand allowed when FHA mortgage applicants uses traditional banking sources and has traditional credit history). Any deposit 1 % and greater of the sales price must be sourced and seasoned. An aggregate of deposits 1 °/o…

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Cape Coral FHA Mortgage Lenders Can Use Non Taxable Income To Qualify

Cape Coral FHA Mortgage Lenders Allow Nontaxable income such as Social Security, Pension, Workers Comp and Disability Retirement income can be grossed up 115% of the income can be used to qualify for an FHA mortgage loan.  Unacceptable Sources of Income Include: The following income sources are not acceptable for purposes of qualifying the borrower: Any unverified…

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Cape Coral FHA Mortgage Lenders Debt To Income Ratios

Debt Ratio – Loans with AUS Approve/Eligible – follow AUS decision. Credit scores of 640 and under and DTI greater than 43% regardless of AUS decision require explanation for derogatory credit and a VOR or rent free letter (if applicable). Manually underwritten loans with FICO score> 580 may exceed 31°/o/43°/o ratios with acceptable compensating factors…

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Cape Coral FHA Mortgage Lenders Cash-Out Refinance Payment History

Cape Coral FHA Mortgage Lenders Mortgage/Rental History Payment History All Cash Out Refinance Transactions and Manually Underwritten Rate Term Refinance Transactions: No 30 Day late payments within the last 12 months of case number assignment. Cape Coral FHA Mortgage Lenders Rate and Term Refinance Transactions: AUS Accept – follow AUS. ALSO CHECK Cape Coral FHA Mortgage Lenders Compensating Factors FHA COMPENSATING…

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Cape Coral FHA Mortgage Lenders Minimum Trade Line Requirement

FHA Minimum Tradelines or Minimum Credit Reporting History FHA mortgage applicants must have sufficient credit history to generate a valid FICO score, or FHA mortgage applicants must meet the non-traditional Cape Coral FHA Mortgage Lenders guidelines listed below. Generally, an acceptable credit history does not have late housing, installment debt or major derogatory revolving payments. Authorized tradelines…

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Cape Coral FHA Mortgage Lenders With Student Loans

How Do Cape Coral FHA Mortgage Lenders treat Student Loans? Student Loan Payments – Student loan(s) would be calculated as follows, regardless of the payment status. Cape Coral FHA Mortgage Lenders must use either the greater of: 1% of the outstanding balance on the loan; or the monthly payment reported on the FHA mortgage applicants  credit report; or the…

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Cape Coral FHA Mortgage Lenders Approval With Disputed Accounts

Cape Coral FHA Mortgage Lenders Approval With Disputed Accounts derogatory accounts >= $1,000 cumulative must be downgraded to “Refer” manual underwrite. Medical and accounts resulting from identity and credit card theft or unauthorized use are excluded. A letter from the creditor, police report, etc. is required. Disputed non-derogatory accounts are excluded from the $1000 cumulative total which…

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Cape Coral FHA Mortgage Lenders Approval With Loan Modifications

Cape Coral FHA Mortgage Lenders Approval After A Loan Modifications Cape Coral FHA Mortgage Lenders Automated Underwriting System required to follow guidance for acceptable mortgage history. Manual Underwrite -follow manual mortgage requirements (Ox30 for most recent 12 months and 2×30 for the most recent 24 months on the modified mortgage.) Payment history is evaluated based upon the FHA mortgage…

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Cape Coral FHA Mortgage Lenders Qualifying Requirements After A Short Sale

FHA Mortgage Qualifying After A Short Sale Any Short Sale within three (3) years of the case assignment requires a manual underwrite. An FHA mortgage applicant who is in default at the time of short sale/restructure or pre-foreclosure or late on any mortgage or installment obligations within 12 months of the short sale is not…

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Cape Coral FHA Mortgage Lenders After Foreclosure or Deed In Lieu of Foreclosure

What are the guidelines for FHA mortgage applicants with a previous foreclosure or deed-in-lieu of foreclosure? A FHA mortgage applicants is generally NOT eligible for a new FHA-insured mortgage if the Borrower had a foreclosure or a deed-in-lieu of foreclosure in the last 3 three-year period prior to the date of case number assignment. This…

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Cape Coral FHA Mortgage Lenders DoNot Consider Timeshares A Housing Obligation

Is a foreclosure on a timeshare considered a mortgage foreclosure or installment loan? A loan secured by an interest in a timeshare must be considered an Installment Loan and NOT a housing obligation and not considered a Foreclosure event! Also Check out! Cape Coral FHA Mortgage Lenders Credit Score For FHA Mortgage Qualifying Cape Coral FHA Mortgage Lenders After…

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Cape Coral FHA Mortgage Lenders With Judgements And Liens

How Do Cape Coral FHA Mortgage Lenders treat judgements or liens? All outstanding judgments and liens must be paid prior to or at closing except when the FHA mortgage applicant has an agreement with the creditor to make regular and timely payments. Copy of the agreement and a minimum of three (3) monthly scheduled payments prior to…

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Cape Coral FHA Mortgage Lenders Disputed Credit Accounts

How are disputed credit accounts considered with Cape Coral FHA Mortgage Lenders ?   Disputed Derogatory Credit Account refers to disputed charge off accounts, disputed collection accounts, and disputed accounts with late payments in the last 24 months.   If the credit report indicates that the Borrower is disputing derogatory credit accounts, the Borrower must provide a letter of…

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Cape Coral FHA Mortgage Lenders Approval With Collection Accounts

Cape Coral FHA Mortgage Lenders Approval W Collection Accounts • Cape Coral FHA Mortgage Lenders add 5% of the outstanding balance of each collection will be used as the monthly payment and will be included in the DTI . • Cape Coral FHA Mortgage Lenders treat Repossessions as charge offs unless specifically notated that the account was sent to collections. Balances…

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Cape Coral FHA Mortgage Lenders Credit Score For FHA Mortgage Qualifying

Does FHA require a minimum credit score and how is it determined? The FHA mortgage applicant is not eligible for FHA-insured financing if the Minimum Credit Score  is less than 500. If the Minimum FHA Mortgage Credit Score is between 500 and 579, the FHA mortgage applicant is limited to a maximum loan-to-value (LTV) of…

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Cape Coral FHA Mortgage Lenders For DACA Status Recipients

FHA to Permit DACA Status Recipients to Apply for FHA Insured Mortgages Effective January 19, 2021, the Federal Housing Administration (FHA) is permitting DACA FHA mortgage applicants classified under the “Deferred Action for Childhood Arrivals” program DACA FHA mortgage applicants with the U.S. Citizenship & Immigration Service (USCIS) and are legally permitted to work in…

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Cape Coral FHA Mortgage Lenders While In Consumer Credit Counseling

How long do FHA mortgage require to qualify for an FHA mortgage after consumer Credit concealing?  Qualify for an FHA mortgage after consumer Credit counseling?  1 year of the pay-out has elapsed under the plan, borrower’s payment performance has been satisfactory with all required payments made timely and borrower has received written permission from the…

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Cape Coral FHA Mortgage Lenders Approval After Bankruptcy

For Cape Coral FHA Mortgage Lenders Approval After Bankruptcy How does a bankruptcy affect a FHA mortgage applicants eligibility for an FHA mortgage? A Chapter 7 bankruptcy (liquidation) does not disqualify a FHA mortgage applicants  from obtaining an FHA-insured Mortgage if, at the time of case number assignment, at least 2 years have past since the date…

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Cape Coral FHA Mortgage Lenders Lead Based Paint Disclosure

Cape Coral FHA Mortgage Lenders require Lead based Paid Disclosure Required for Defective Paint Surfaces -An automatic correction is required to all defective paint surfaces in or on structures and/or property improvements built before January 1, 1978. Contractors who perform the repair must be certified and must follow specific work practices to prevent lead contamination. A copy …

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Cape Coral FHA Mortgage Lenders To Purchase Foreclosures

Cape Coral FHA Mortgage Lenders require  FHA appraisals to be performed only by FHA licensed appraiser listed on the FHA roster. Obtain an “as-is” appraisal and the appraisal must be  HUD REO Appraisal and Property Requirements marked as “Insurable”. HU D’s Foreclosure REO appraisal may be available at no charge.  If the original HUD REO appraisal is…

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CAPE CORAL FL BAD CREDIT MORTGAGE LENDERS

Apply Now

Questions

911loan@gmail.com

 
1399173
"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
5.0/5.0
by lbaze2008
1375949
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
by rmac333
1345066
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
5.0/5.0
by zuser20140303145114251

MINIMUM CREDIT SCORE

PORTFOLIO MORTGAGE

NO MIN FICO SCORE 

NO TAX RETURN PROGRAMS

550 MIN FICO

FHA/VA MORTGAGE

500 MIN FICO

CONVENTIONAL

620 MIN FICO

CALL NOW!

954-667-9110

Apply Now!

All Information Subject To Change Without Notice and should not be relied on for decision making.