Florida-Mortgage-Lenders.com is a leading Deltona Florida FHA Mortgage Company. All situations welcome.
What is a Florida FHA Mortgage? FHA mortgages have been helping Deltona Florida people become homeowners since 1934. Deltona Florida FHA mortgage loans are backed by the FHA which is short for the Federal Housing Administration. FHA insures the FHA mortgage loan so Deltona Florida mortgage lenders can offer easier loan qualifying and lower down payment FHA mortgage options.
DELTONA FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
• Deltona 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.
DELTONA FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
• Purchase a Deltona Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a Deltona 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.
• Deltona 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.
DELTONA 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.
During the Deltona Florida Housing Boom the FHA Mortgage had become an uncommon mortgage loan product because of the plentiful supply of credit including Subprime, Conventional, and Fannie Mae. Many Deltona Florida homebuyers obtained Mortgage Loans with 0% down payment and reduced loan documentation requirements. After the crash, as Fannie Mae and other Deltona Florida mortgage lenders retreated from these riskier loan products, FHA stepped in Deltona Florida FHA Home Loans became the only option for borrowers with a low down payment and less than perfect credit.
“WHAT IS THE MINIMUM CREDIT SCORE FOR AN FHA MORTGAGE”?
If the Minimum FHA Mortgage Credit Score is at or above 580+ the FHA mortgage applicant is eligible for 96.5% Financing. Our Minimum Credit Score for an FHA mortgage is 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 of the loan amount..
The Federal government insures Florida FHA mortgage lenders against losses, therefore the FHA mortgage applicants has very minimal down payment and closing cost. FHA mortgage lenders will require a minimum 3.5% financial commitment. In addition, FHA mortgage lenders allow for the home seller to pay all your closing cost up to 6% of the sale price.
• EASIEST TO QUALIFY •
Prequalifying with a Florida FHA mortgage lenders is rather easy. The result of the FHA mortgage insurance guarantee educes Florida FHA mortgage lenders make it feasible for just about anybody with a decent 12 month payment history to qualify. The primary components of an FHA mortgage include down payment, credit, debt to income ratio.
• FIXED 30 YEAR RATES WITH NO PREPAYMENT PENALTIES •
One of the big advantages of using Florida FHA mortgage lenders is the benefit of having a fixed 30-year interest rate with 0 NO prepayment penalty. In comparison to other conventional Fannie Mae and Freddie mac mortgage loans in which you risk the possibility of a mortgage rate that could change. The FHA mortgage is typically for 30 years. The result of this FHA mortgage provision FHA mortgage applicants can budget their predetermined installment FHA mortgage payment in advance.
• NO RESERVES ARE REQUIRED •
In contrast to most conventional home loan programs, Florida’s FHA home loan is a very tempting option for Florida first time buyers that have a little savings for down payment let alone future mortgage payments.
Florida First Time buyers should click apply now at the top of this website to learn what to expect with the FHA mortgage process. Being prepared will always boost your chances in getting your FHA mortgage approved.
CATEGORY: FHA MORTGAGE GUIDELINES
A liability that may result in the obligation to repay only when a specific event occurs. For example, a liability exists when an FHA mortgage applicant can be held responsible for the repayment of a debt if another legally obligated party defaults on the payment. Contingent liabilities may include cosigner liabilities and liabilities resulting from…
The main advantage with FHA mortgage lenders is that the credit qualifying criteria for a borrower are not as strict as conventional financing. FHA mortgage lenders may consider a bad credit mortgage applicant to have an acceptable payment history if the bad credit mortgage applicant has made all housing and installment debt payments on time…
Do FHA Mortgage Lenders allow gifts of equity? Only Family Members may provide equity credit as a gift on property being sold to other Family Members. FHA mortgage must obtain a gift letter signed and dated by the donor and FHA mortgage applicant that includes the following: • the donor’s name, address, telephone number; •…
The bad credit FHA mortgage lenders must use a traditional credit report, if available. A Residential Mortgage Credit report (RMCR) must be obtained from an independent credit reporting agency. The Bad credit FHA mortgage lenders must use the same credit report and credit scores sent to TOTAL Mortgage Scorecard. If a traditional credit report is not…
FHA mortgages lenders offer many advantages and protections that only come with an FHA mortgage: Lower Down Payment: FHA loans have a low 3.5% down payment and that money can come from a family member, employer or charitable organization as a gift. Conventional mortgage lenders do not allow this. Easier to Qualify: Due to the…
Property Flipping is indicative of a practice whereby recently acquired property is resold for a considerable profit with an artificially inflated value. The term Property Flipping refers to the purchase and subsequent resale of a property in a short period of time. The eligibility of a property for an FHA mortgage lender is determined by…
COLLECTIONS-JUDGEMENTS COLLECTIONS- FHA Mortgage applicants are not required to pay off all collection accounts. However, outstanding collections will reflect on your creditworthiness overall and may be held against you. In this case, one or more of the collections may need to be paid off in order to improve your credit score and show your willingness to pay debts….
Yes, FHA mortgage lenders will finance FHA Approved Condominium under the 203b program, FHA mortgage lenders provide insurance on FHA mortgage loans secured by one-family condominium Units located in FHA-Approved Condominium Projects and in Units located in Condominium Projects not approved by FHA. FHA Mortgage loans are made by FHA-approved mortgage lenders, such as…
Will FHA Mortgage Lenders Accept bad credit? What are the requirements for a manually underwritten mortgage?
Will FHA Mortgage Lenders Accept bad credit? What are the requirements for a manually underwritten mortgage? The bad credit FHA mortgage lenders must use a traditional credit report, if available. A Residential Mortgage Credit report (RMCR) must be obtained from an independent credit reporting agency. The Bad credit FHA mortgage lenders must use the same…
Secondary home refers to a dwelling that an FHA mortgage applicant occupies, in addition to their principal home, but less than a majority of the calendar year. A Secondary home does not include a vacation home. Secondary homes are only permitted with written approval from the FHA mortgage lenders approved jurisdictional Homeownership Center provided that: …
A Collection Account refers to a FHA mortgage applicants loan or debt that has been submitted to a collection agency by a creditor. If the credit reports used in the analysis show cumulative outstanding collection account balances of $2,000 or greater, the FHA mortgage lender must: • verify that the debt is paid in full…
Yes, the Mortgagee must verify and document Reserves equivalent to (1) one month’s Principal, Interest, Taxes, and Insurance (PITI) after closing for one- to two-unit Properties. The Mortgagee must verify and document Reserves equivalent to (3) three months’ PITI after closing for three- to four-unit properties. What are FHA mortgage reserves? FHA Mortgage reserves are…
Do FHA Mortgage Lenders Allow Gift of Down payment To come from Friends? FHA mortgage lenders refer to gifts or contributions of cash or equity with no expectation of repayment. Gifts may be provided by: • a close friend with a clearly defined and documented interest in the Borrower; • the Borrower’s Family Member; •…
Do FHA Mortgage Lenders allow employers gift the FHA mortgage applicants down payment? Employer Assistance refers to benefits provided by an employer to relocate the FHA mortgage applicants or assist in the FHA mortgage applicants housing purchase, including closing costs, Mortgage Insurance Premiums (MIP), or any portion of the FHA mortgage applicants Minimum Required…
Do FHA mortgage Lenders allow realtors to give a gift of their commission for the down payment? Can A Realtors real estate Commission from Sale of Subject Property refers to the Borrower’s down payment portion of a real estate commission earned from the sale of the property being purchased. FHA mortgage lenders may consider Real…
Do FHA Mortgage Lenders Allow Gifts for Down Payment And Closing Cost? FHA Mortgage Lenders refer to Gifts as contributions of cash or equity with no expectation of repayment. FHA Mortgage Lenders Allow Gift Funds from the following approved sources • The FHA mortgage applicants Family Member; • The FHA mortgage applicants employer or labor…
FHA mortgage lenders will not insure more than one Property as a Principal Residence for any FHA mortgage applicants, except as noted below. 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…
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. …
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…
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…
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…
DELTONA FLORIDA FHA APPROVED CITY DATA
Deltona is a city in the U.S. state of Florida and the most populous city in Volusia County. As of the 2010 census, the city population was 85,182. The city is part of the Deltona–Daytona Beach–Ormond Beach Metropolitan Statistical Area and the larger Orlando–Deltona–Daytona Beach Combined Statistical Area.
DELTONA FLORIDA FHA CITY DATA:
Males: 42,573 (49.3%)
Females: 43,717 (50.7%)
Median resident age: 37.6 years
Florida median age: 41.0 years
Zip codes: 32725, 32738, 32744, 32764.
Estimated median household income in 2012: $42,192 (it was $39,736 in 2000)
Estimated per capita income in 2012: $18,814 (it was $16,648 in 2000)
Estimated median house or condo value in 2012: $99,700 (it was $82,000 in 2000)
Mean prices in 2012: All housing units: $149,748; Detached houses: $149,655; Townhouses or other attached units: $206,126; In 3-to-4-unit structures: $85,431; In 5-or-more-unit structures: $252,381; Mobile homes: $188,508
Median gross rent in 2012: $1,028.
About the City of Deltona
The area of what currently comprises of Deltona and surrounding communities was originally inhabited by nomadic Timucuans, who found fish and fresh water plentiful in the area. After Florida became a state in 1845, steamboats began to make regular trips up the St. Johns Riverto Lake Monroe. George Sauls, a former secret agent for the Confederacy during theAmerican Civil War, along with his wife Adeline and six children, were the first settlers in the area in 1859. The area was located approximately three miles (5 km) north of the community of Osteen. Sauls' homestead would eventually catch on fire in 1972.
As of 2010, according to the United States Census Bureau, the city has a total area of 41.1 square miles (106.4 km2), 37.5 square miles (97.1 km2) of which is land and 3.5 square miles (9.1 km2) of which is water.
As of the 2010 U.S. Census, there were 85,182 people residing within the city. As of 2010, there were 34,089 households out of which 11.3% were vacant. In 2000, 32.8% had children under the age of 18 living with them, 55% were married couples living together, 15.3% had a female householder with no husband present, and 23.7% were non-families. 38.3% of all households were made up of individuals and 26.6% had someone living alone who was 65 years of age or older.