www.Florida-Mortgage-Lenders.com 
All Information is subject to change without notice.

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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 

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954-667-9110

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DEERFIELD BEACH FL FHA MORTGAGE LENDERS - FHA MORTGAGE LENDERS DEERFIELD BEACH FLORIDA 

Florida-Mortgage-Lenders.com is a leading Deerfield Beach Florida FHA Mortgage Company. All situations welcome.
What is an Florida FHA Mortgage? FHA mortgages have been helping Deerfield Beach Florida people become homeowners since 1934. Deerfield Beach Florida FHA mortgage loans are backed by the FHA which is short for the Federal Housing Administration. FHA insures the FHA mortgage loan so Deerfield Beach Florida mortgage lenders can offer easier loan qualifying and lower down payment FHA mortgage options.


DEERFIELD BEACH FLORIDA FHA MORTGAGE ADVANTAGES

 

DEERFIELD BEACH FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:

• Deerfield Beach FL 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 buyer's costs.
• No reserves or future payments in account required.
• FHA regulated closing costs.

DEERFIELD BEACH FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:

• Purchase a Deerfield Beach Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a Deerfield Beach Florida 24 months after a chapter 7 Bankruptcy.
• FHA will allow a FHA mortgage 3 years after a Foreclosure.
• Minimum FICO credit score of 580 required for 96.5% financing.
• Deerfield Beach 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.

DEERFIELD BEACH FLORIDA FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB 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.

YES!! YOU CAN GET A FLORIDA MORTGAGE WITH COLLECTIONS!!

I Have Unpaid Collection Debt on My Credit Report. Can I Still Get a Florida Mortgage? YES!!!

Just like you don’t need perfect credit to qualify for a Florida mortgage. And you don’t need to pay off all collection accounts to qualify!!!. At Florida Mortgage Lenders.com We don’t even count medical bill against you!!Credit card bills, collections and charge-offs – you can have some or all of these and we can still qualify you for a Florida mortgage today!!

FREE CONSULTATION - WE WILL SHOW YOU HOW TO GET APPROVED FOR A FLORIDA MORTGAGE WITH COLLECTIONS

www.Florida-Mortgage-Lenders.com

Of course, it’s never quite that simple. To qualify for a Florida mortgage with collections It’s often a question of what kind of collection accounts are on your credit? How much are the collection accounts? And what type of lenders and loan types you’re considering?

Most Florida mortgage lenders can have different caps on collections and requirements for things like debt-to-income ratio and derogatory credit. Here’s a closer look at how your collection accounts can come into play during the Florida mortgage process.

Looking at Your Debt-to-Income Ratio

A big metric in the mortgage industry is your debt to income ratio. Florida mortgage lenders may calculate two different ratios. The first is the difference between your projected housing costs and your gross monthly income and another that considers your total monthly debts and monthly payments reflected on your credit report. In the mortgage industry we call these “front-end”= housing expense and “back-end”= housing + all other monthly payments only on your credit report.  Most Florida mortgage lenders really do not want to go over 50% of your gross monthly income for your housing plus all other monthly payments on your credit report.

All Florida mortgage lenders will pull in your major monthly payments/obligations from your credit reports, including things like car loans, student loan payments, car loans, credit card payments, the projected new mortgage payment. But now Florida mortgage lenders will also include unpaid collections over 2000 to your monthly payment. Any collections cumulatively over $2000 the lender will take .05% and add it back to your debt to income ratios. For example, if you added up all collection account and they total $3000 the lender would take 3000 in collections x.05= =$150 add to you monthly obligations increasing your debt to income ratios.

CONVENTIONAL = The max debt to income or back-end DTI ratio for a conventional purchase loan is 45%

FHA The max debt to income or back-end DTI ratio for a FHA purchase loan is 65%

Remember these kinds of figures represent a ceiling. If you have a lot of collections you might have a problem or max out your max Debt to income ratio.  You will need an incredibly strong loan application in order to close with DTI ratios that high.

Dealing with Derogatory Credit Collection accounts

How Much House Can You Afford?

How Much House Can You Afford?

If you have to many collection accounts you may be considered high risk for default. Lender look at to many collection accounts as a disregard for debt. Also Florida mortgage Lenders may also have a cap on the total amount of collection accounts and derogatory credit you have. This is a blanket term that can include things like collection accounts, charge-offs, liens and judgments.

Every lender has overlays to the amount of accounts you can have in collections some allow up to $5,000 and other Florida mortgage lenders will allow $10,000 or more in collection accounts, these caps can vary by Florida mortgage lender. Some Florida mortgage lenders like us disregard medical accounts medical collections or bad accounts that borrowers are actively trying to repay.

Florida mortgage lenders don’t typically factor collections and charge-offs into your Debt to income ratio calculation unless you’re actively making payments on those accounts. In fact, some Florida mortgage lenders  will essentially ignore a collection if you can show at least a 6 month timely payment history of on-time payments.

Charge-offs are debt accounts at least six months past due that creditors have for accounting purposes deemed unlikely to be paid. Some lenders will count charge-offs toward their bad credit cap, while others ignore them.

Much like with DTI ratio, Florida mortgage lenders may grant exceptions for derogatory credit if a mortgage applicant has solid compensating factors.

Tax liens and judgments will usually need to be paid in full to show a zero balance. Florid a mortgage applicants with a tax lien may still be able to move forward if there’s a repayment plan in place and at least 6 months of on-time payments history. Florida mortgage lenders will also count the monthly payments toward your DTI ratio.

High debt levels including judgments, large collections and tax liens and other financial troubles are all likely to perplex your Florida mortgage approval. Florida mortgage lenders will require additional bank reserves.

The other consideration is whether it really makes financial sense to stretch your debt burden even further with a Florida mortgage loan. To be sure, DTI ratio doesn’t tell the full picture when it comes to Florida mortgage affordability.

Make sure you’re putting yourself on solid financial footing regardless of what a Florida mortgage lender’s exceptions and guidelines allow.

GET A FLORIDA MORTGAGE WITH COLLECTIONS? YES!!@

BAD CREDIT FLORIDA MORTGAGE LENDERS PROGRAMS INCLUDE:

 

Searches related to WWW.FLORIDA-MORTGAGE-LENDERS.COM Pembroke pines fl

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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.