NEW PORT RICHEY FL MORTGAGE LENDERS- FHA MORTGAGE PORT RICHEY FL- FHA HOME LOAN PORT RICHEY FL
What is a Florida FHA Mortgage? FHA mortgages have been helping New Port Richey Florida people become homeowners since 1934. New Port Richey Florida FHA mortgage loans are backed by the FHA which is short for the Federal Housing Administration. FHA insures the FHA mortgage loan so New Port Richey Florida mortgage lenders can offer easier loan qualifying and lower down payment FHA mortgage options. NEW PORT RICHEY FLORIDA FHA MORTGAGE ADVANTAGES
NEW PORT RICHEY FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
• New Port Richey 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.
NEW PORT RICHEY FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
• Purchase a New Port Richey Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a New Port Richey Florida 24 months after a chapter 7 Bankruptcy.
• FHA will allow an FHA mortgage 3 years after a Foreclosure.
• Minimum FICO credit score of 580 required for 96.5% financing.
• New Port Richey 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.
NEW PORT RICHEY 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.
4 C’S FLORIDA FHA MORTGAGE LENDER REQUIREMENTS
- FHA Minimum Cash/Down payment Or Equity -FHA 3.5% Down Payment Cash or 20% Equity/ 80% LTV for cash out or 96.75% Rate term Refinance- 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.
- FHA Minimum 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 cumulative student loans or 5% of the cumulative collections accounts over +$2000 added back to the debt to income ratios?
- Capacity-56.9% FHA Maximum- Does the borrower's debt to income ratio meet the loan program requirements or no more debt than 56.9% of the total housing + all obligations reflected on the borrower's credit report.
- Collateral/FHA Approved Property Types Include- Single-family homes, Townhomes, villas, 1-4 family multi Unit Homes, and FHA Approved Condos!