Florida-Mortgage-Lenders.com is a leading Okeechobee Florida FHA Mortgage Company. All situations welcome.
Okeechobee FL FHA Mortgage Lenders - Did you know that the FHA mortgage program typically only requires a 3.5% down payment with a min 580 FICO and 10% down payment under a 580!!! In additions FHA allows the seller to credit up to 6% to cover your closing cost and prepaid. Note we do not charge any lender fees. When you purchase a Florida home there are always 3rd party cost involved that include. Prepaid taxes, insurance, docs stamps, mortgage stamps, intangibles, title closing cost including insurance, survey, recording charges ect.
OKEECHOBEE COUNTY FLORIDA FHA MORTGAGE ADVANTAGES INCLUDE: www.Florida-Mortgage-Lenders.com KEY POINTS TO THIS MORTGAGE PROGRAM
OKEECHOBEE COUNTY 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 costsOK!
- 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.
OKEECHOBEE COUNTY FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
- Purchase a Florida home 12 months after a chapter 13 Bankruptcy
- Purchase a Florida 24 months after a chapter 7 Bankruptcy.
- FHA will allow a FHA mortgage 3 years after a Foreclosure.
- Minimum FICO credit score of 580required for96.5%financing.
- 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.
OKEECHOBEE COUNTY 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.
CATEGORY: OKEECHOBEE COUNTY FLORIDA FHA MORTGAGE LENDERS INFORMATION
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, Okeechobee FL FHA Mortgage Lenders will finance FHA Approved Condominium under the 203b program, Okeechobee FL 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 Okeechobee FL FHA Mortgage Lenders Accept bad credit? What are the requirements for a manually underwritten mortgage?
Will Okeechobee FL FHA Mortgage Lenders Accept bad credit? What are the requirements for a manually underwritten mortgage? The bad credit Okeechobee FL 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 Okeechobee FL 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 Okeechobee FL FHA Mortgage Lenders approved jurisdictional Homeownership Center provided that: …
Do Okeechobee FL FHA Mortgage Lenders Require Collections To Be Paid Off To Qualify For An FHA Mortgage?
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 Okeechobee FL FHA Mortgage Lenders Allow Gift of Down payment To come from Friends? Okeechobee FL 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 Okeechobee FL 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 Okeechobee FL FHA Mortgage Lenders allow realtors to give a gift of their commission for the down payment?
Do Okeechobee FL 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. Okeechobee FL FHA Mortgage Lenders may consider Real…
Do Okeechobee FL FHA Mortgage Lenders Allow Gifts for Down Payment And Closing Cost? Okeechobee FL FHA Mortgage Lenders refer to Gifts as contributions of cash or equity with no expectation of repayment. Okeechobee FL FHA Mortgage Lenders Allow Gift Funds from the following approved sources • The FHA mortgage applicants Family Member; • The FHA mortgage applicants employer or labor…
Okeechobee FL FHA Mortgage Lenders will not insure more than one Property as a Principal Residence for any FHA mortgage applicants, except as noted below. Okeechobee FL 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…
Okeechobee FL 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…
Okeechobee FL 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…
Okeechobee FL 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…
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…
Okeechobee FL 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. Okeechobee FL FHA Mortgage Lenders Rate and Term Refinance Transactions: AUS Accept – follow AUS. ALSO CHECK Okeechobee FL FHA Mortgage Lenders Compensating Factors FHA COMPENSATING…
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 Okeechobee FL 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…
How Do Okeechobee FL FHA Mortgage Lenders treat Student Loans? Student Loan Payments – Student loan(s) would be calculated as follows, regardless of the payment status. Okeechobee FL 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…
What is an Florida FHA Mortgage? FHA mortgages have been helping Okeechobee Florida people become homeowners since 1934. Okeechobee Florida FHA mortgage loans are backed by the FHA which is short for the Federal Housing Administration. FHA insures the FHA mortgage loan so Okeechobee Florida mortgage lenders can offer easier loan qualifying and lower down payment FHA mortgage options.
OKEECHOBEE FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES:
• Okeechobee 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.
OKEECHOBEE FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
• Purchase a Okeechobee Florida home 12 months after a chapter 13 Bankruptcy
• Purchase a Okeechobee 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.
• Okeechobee 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.
OKEECHOBEE 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 Okeechobee 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 Okeechobee Florida homebuyers obtained Mortgage Loans with 0% down payment and reduced loan documentation requirements. After the crash, as Fannie Mae and other Okeechobee Florida mortgage lenders retreated from these riskier loan products, FHA stepped in Okeechobee Florida FHA Home Loans became the only option for borrowers with a lowdown payment and less than perfect credit.
HOMES FOR SALE IN OKEECHOBEE FLORIDA
OKEECHOBEE FLORIDA FHA APPROVED APPRIASERS LIST
Okeechobee is a city in Okeechobee County, Florida, United States. As of the 2010 United States Census, the city's population was 5,621, reflecting an increase of 245 (+4.6%) from the 5,376 counted in the 2000 Census. It is the county seat of Okeechobee County.
OKEECHOBEE FLORIDA FHA APPRIASERS:
The following list of Okeechobee Florida FHA mortgage appraisers has been assembled from the HUD.gov database. Visit the HUD website for the most current list of FHA mortgage appraisers in Okeechobee Florida.
ROBERTSON REALTY & APPRAISING
JAMES N PIPPIN
GLADES APPRAISAL COMPANY LLC
MICHAEL A SUMNER
VALUATION PROFESSIONALS, PLC
TIMOTHY S FULFORD
300 N.W. 4TH STREET
Okeechobee FHA MORTGAGE / Okeechobee VA / Okeechobee Okeechobee FHA REFINANCE / Okeechobee NO CREDIT / Okeechobee BAD CREDIT / Okeechobee HARD MONEY / Okeechobee LOAN INFO / Altamonte SpringsHA INFO / FHA LOAN LIMITS
About the City of Okeechobee
According to the United States Census Bureau, the city has a total area of 4.2 square miles (11 km2). 4.1 square miles (11 km2) of it is land and 0.04 square miles (0.10 km2) of it (0.96%) is water.
As of the census of 2000, there were 5,376 people, 1,837 households, and 1,287 families residing in the city. The population density was 1,302.9 people per square mile (502.6/km²). There were 2,102 housing units at an average density of 509.4 per square mile (196.5/km²). The racial makeup of the city was 79.00% White, 10.81% African American, 0.50% Native American, 0.99% Asian, 0.11%Pacific Islander, 6.42% from other races, and 2.18% from two or more races. Hispanic or Latino of any race were 15.66% of the population.
There were 1,837 households out of which 32.2% had children under the age of 18 living with them, 50.1% were married couples living together, 14.5% had a female householder with no husband present, and 29.9% were non-families. 22.6% of all households were made up of individuals and 11.7% had someone living alone who was 65 years of age or older. The average household size was 2.70 and the average family size was 3.14.