Lakeland FL FHA Mortgage, Lakeland FL FHA Mortgage Lender

The FHA loan program was created to help increase homeownership. The  FHA program makes buying a Lakeland FL home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a Lakeland FL home,

Minimal Down Payment and Closing Costs.

·    Down payment less than 3% of Sales Price

·    100% Financing options available

·    No reserves or required.

·    FHA regulated closing costs.

·    Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

·    No minimum FICO score or credit score requirements.

·    FHA will allow a home purchase 2 years after a Bankruptcy.

·    FHA will allow a home purchase   3 years after a Foreclosure.
 

Easier Debt Ratio and Job Requirement Guidelines such as:

·    Higher Debt Ratio's than other home loan programs.

·    Less than two years on the job is allowed.

·    Self-Employed individuals o.k.

Apply today at www.FHAmortgagePrograms.com

Lakeland Home loans:: Lakeland FHA home loans ::

To take advantage of the FHA program in Lakeland Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many Lakeland FL mortgage programs we can make available. Or Apply now for a Lakeland FL FHA home loan.

Many Lakeland FL homebuyers are confused about what types of loans are available to them. In the Lakeland Florida real estate market that has been hit with large declining values, this is especially true. So, let me try to help you understand what is available to the average Lakeland home owner or purchaser as far as FHA mortgage loans in Lakeland Florida are concerned.

In a market such as Lakeland Florida, FHA works great because even with the declining values that Floridian property owners have experienced, an FHA buyer can borrow up to 97% of the home's appraised value or purchase price -whichever is less. Apply now for a Lakeland FL FHA home loan with a HUD approved Florida FHA lender.

The maximum loan amount varies by which county in Lakeland Florida the property is located. The FHA mortgage may be used to purchase or refinance a single family home, 1-4 unit projects, Condos, PUDS, Modular and Manufactured homes.

The FHA mortgage is available to Lakeland FL U.S. Citizens, permanent resident aliens, and non permanent resident aliens may qualify too, so talk to your licensed Lakeland Florida loan officer to check your eligibility.

The income ratios allowed are up to 31% for housing and up to 43% total payments, but may vary depending on compensating factors. To check your ratios, you can use this debt-to-income ratio calculator to see where your income fits in. So again, make sure you ask your licensed Florida loan officer. Apply now for an Lakeland FL FHA home loan.

Florida is considered a high closing cost state, which means the costs are at or above 2.1% of the sales price. One of the reasons for this is that Lakeland Florida has a 1% Mortgage tax; even on a refinance, the state of Florida requires you to pay tax of 1% on the new mortgage amount.

FHA Loans in high closing cost states such as Lakeland Florida can have a loan to value on a purchase of up to 98.75% if the property is valued at less than $50,000, and 97.5% for a value of $50,000, up to $125,000. For all values above $125,000, the rate is 97.15%.

FHA mortgages are insured with up front mortgage insurance, referred to as (UFMIP) and monthly mortgage insurance (MIP). UFMIP is 1.50% of the base loan amount excluding UFMIP, which can be rolled into the loan or paid all in one shot at close. FHA/HUD charges an annual premium which is split into 12 payments - this is what is known as MIP.

Some Lakeland Florida borrowers may be entitled to a partial refund of the UFMIP, if their loan closed on or after January 1, 2001, to pay off or refinance an FHA loan within five to seven years of its original closing date.

When making a decision on taking out a Lakeland Florida FHA mortgage on your purchase or refinance of a home, you must make sure that you can qualify for this type of loan. So again, make sure that you work with an experienced FHA licensed Florida loan officer.

FHA loans require full documentation of income and assets. You will be required to show 2 months most recent pay stubs, 2 years W-2s and/or tax returns, a written verification of employment, as well as 2 most recent statements for all checking, savings, 401k, and like accounts with a verification of deposit from your bank. Also required is a 4506 form, which gives the IRS permission to verify your taxes.

You will also have to show verification of rent or previous mortgage history, and depending on your underwriter, you may have to show cancelled checks for the last 6 months to one year of rent or mortgage payments made. Due to the tremendous amount of fraud that has occurred in Lakeland Florida, expect that all FHA loans underwritten on Lakeland Florida homes will be scrutinized.

Apply now for a Lakeland Florida FHA home loan Today.

Lakeland FL mortgage lender specializing in: 

Lakeland FL Home Buyer Financing
Lakeland FL Homeowner Refinance
Lakeland FL Construction Loans
Lakeland FL FHA Loans
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Lakeland FL Foreclosure Help
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