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Thomas Martin's Blog

By Thomas Martin 954-667-9110 | Mortgage Broker
or Lender in Fort Lauderdale, FL

FLORIDA FHA HOME LOAN QUALIFYING SUMMARY

FHA Home Loan Florida Qualifying Summary

FHA home loans are the easiest type of real estate Florida mortgage loan to qualify for. The FHA mortgage qualifying requirement guidelines for FHA home loan qualification are the most flexible of all Florida mortgage loans that require less than 4% down payment.

Basic Florida FHA home loan requirements.

  • Two Years of steady stable predictable employment in the same line of work, gaps is ok.
  • Last two years Income should be the same or increasing.
  • Credit report should typically have less than one thirty day late in last 12 months with a minimum credit score of 580 or higher or in some cases No credit score Florida home loans are OK!
  • Bankruptcy's must be at least 12 months for chapter 13 and  (2) two years old for chapter 7, with perfect credit since discharge.
  • Foreclosures must be at least three years old, with perfect credit since
  • Your new mortgage payment should be approximately 35% of your gross (before taxes)  income.

These are some of the most basic of FHA loan requirements  for qualifying for a FHA loan.  If   you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

•FHA LOANS- (Low Money Down Mortgage) - If a VA Loan or a USDA loan is not a good fit for you, and you have some money to put down (as little as 3.5%) an FHA loan may be the right choice. Backed by the Federal Housing Administration, FHA loans are available to Florida FHA loan applicants with less than perfect credit and give options to many who thought they would never qualify for a mortgage loan.

EVEN MORE GREAT REASONS TO TAKE ADVANTAGE OF THE FHA LOAN IN FLORIDA

 BAD CREDIT HOME LOAN APPLICANTS-The FHA loan program exists to expand the pool of Florida home buyers. Even low credit score FHA loan applicants with prior troubles get approved for an FHA home loan every day. FHA loan applications with chapter 13 bankruptcies that can prove a 12 month timely payment history get pre approved. FHA loan applicants that suffered from a chapter 7 must wait 24 months after discharge to qualify. Even homeowners with past foreclosures more than 36 months old or 3 years old can qualify but a Florida in every Florida city and county. The FHA mortgage will always relies  more on recent  payment history rather than credit score.

FHA LOANS ALLOW FOR EASIER QUAIFYING–Florida home buyers will find the FHA loan is the last stop to qualify for a decent Florida home loan. Meaning if you don’t qualify for FHA you probably wont qualify for any other Florida mortgage program. The FHA loan insures private Florida lenders against loss for loans made to properly qualified Florida home buyers and owners. So regardless to say you're likely to find FHA mortgage loans with terms and conditions easier for you to qualify.

FHA HOME LOAN LOWER LOAN COST-FHA loan rates are extraordinarily competitive. FHA's lower risk to the Florida mortgage lender means a better rate for the FHA loan applicant.

FORECLOSURE AVOIDANCE FOR FLORIDA HOMEOWNERS- Safeguards For Borrowers That Fall Behind - The FHA loan also allow the lender more options in helping FHA mortgage borrowers who fall behind keep their homes are get current on the payment. FHA loan provide special protections that no other loans provide including: special forbearance, workouts, even free FHA mortgage counseling. In addition, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments current for you. These FHA loan  protections allow Florida borrowers to save their home. You'll never find these foreclosure avoidance programs from a conventional home loan! In an uncertain world, this is another excellent reason for you to take advantage of the FHA home loan.

FHA LOANS FOR MANUFACTURED FLORIDA HOMES-Under certain conditions, you can even FHA finance a Florida manufactured home, Mobile or Modular Home or using a Florida FHA mortgage loan. Call 1-954-667-9110 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to get qualified today!

FHA LOANS ARE FULLY ASSUMABLE FOR FLORIDA HOMEBUYERS-When you are ready to sell your Florida Home, you can offer other Florida home buyers FHA financing! All FHA loans can be assumed by qualified home buyers.

SUMMING UP THE FHA LOAN PICTURE-The FHA loan program has evolved since created in 1934 and now has options for HUD insured loans that fit a variety of different loan applicants in various situations. For Florida banks and other mortgage brokers, the FHA loan financing offers Florida buyers the security of a government insured Mortgage. Win/Win! To learn more, call today at 1-954-667-9110 or click the START NOW LINK below and get pre approve now!

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CLICK START NOW TO GET PRE APPROVED TODAY!


Apply Now or use our Quick Application to FHA refinance your Florida home.

  1. HAVE QUESTIONS? FHA FREQUENTLY ASKED QUESTIONS PAGE
  2. VISIT OUR FHA INFORMATION PAGE.
  3. CHECK FLORIDA FHA LOAN LIMITS.

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