TIME HOMEBUYER LOANS- Florida homebuyers will find
that a government guaranteed FHA, VA, or USDA loan is easier to qualify for
than any other home loan program. Details of these First time Florida homebuyer
loans are listed below:
Government Homebuyer LoansÂ (FLORIDA FHA LOANS :: FLORIDA VA LOANS :: FLORIDA USDA LOAN â€œ)
Â·Â Â Â Â Â Â Â Â CONVENTIONAL
Â·Â Â Â Â Â Â Â Â JUMBO LOANS
Â·Â Â Â Â Â Â Â Â CONDO'S
Â·Â Â Â Â Â Â Â Â BAD CREDIT
Â·Â Â Â Â Â Â Â Â INVESTOR LOANS
Â·Â Â Â Â Â Â Â Â NO CREDIT SCORE
Â·Â Â Â Â Â Â Â Â MANUFACTURED
Â·Â Â Â Â Â Â Â Â HARD MONEY
Â·Â Â Â Â Â Â Â Â FLORIDA MORTGAGE
Â·Â Â Â Â Â Â Â Â REFINANCE
Â·Â Â Â Â Â Â Â Â HOME LOAN
Â·Â Â Â Â Â Â Â Â FHA REFINANCE
Â·Â Â Â Â Â Â Â Â FHA LOAN LIMITS
Â·Â Â Â Â Â Â Â Â FHA LOAN INFO
Â·Â Â Â Â Â Â Â Â FLORIDA
Â·Â Â Â Â Â Â Â Â FOREIGN NATIONAL
Â·Â Â Â Â Â Â Â Â SELF EMPLOYED
Â·Â Â Â Â Â Â Â Â REVERSE MORTGAGE
Â·Â Â Â Â Â Â Â Â FIRST TIME BUYER
Â·Â Â Â Â Â Â Â Â FHA Q&A;
Â·Â Â Â Â Â Â Â Â Florida MLS
Housing Expense Ratio:
Total Monthly Expense Ratio:
FHA 96.5% LTV
FHA LOANS-An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money directly to FHA loan applicants, rather the FHA insures private FHA lenders approved against default through mortgage insurance (MIP). Available to first homebuyers and moving up buyers the FHA loan program is designed to help creditworthy families with a small down payment purchase a home.
FHA loan programs are particularly beneficial to those buyers with little money available for down payment. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
BENIFITS TO FHA LOANS INCLUDE:Â
â€¢Â Only a 3.5 percent down payment is required.Â
â€¢Â Sellers may contribute 6% towards closing costsÂ
â€¢Â Gifted funds may be used for down payment and closing costsÂ
â€¢Â Some closing costs can be financed.Â
â€¢Â Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.Â
â€¢Â More flexible underwriting criteria than conventional loansÂ
â€¢Â FHA regulated closing cost.
â€¢Â Loans are assumable to qualified buyers.
VA LOANS-VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to active military and eligible veterans for the purchase of a home. The guaranty means the mortgage lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
OTHER BENIFITS TO THE VA LOAN
â€¢Â 100% financing
â€¢Â Seller can pay up to 4% of your closing cost with a VA loan.
â€¢Â Low interest ratesÂ Â
â€¢Â Closing costs are comparable, and sometimes lower, than other types of financing.Â
â€¢Â No private mortgage insurance (PMI) requirement.Â Â
â€¢Â Right to prepay loan without penaltiesÂ
â€¢Â The Mortgage can be taken over (or assumed) by the buyer when a home is sold.Â
â€¢Â Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and the Veterans Administration.
Veterans can apply for a VA loan with any mortgage
lender that participates in the VA home loan program. A "Certificate of
Eligibility" from the VA must be presented to the lender to qualify for the
loan. Most other traditional loan documentation applies.
USDA-GUARANTEED RURUAL HOUSING PROGRAM-Â OneÂ of the most attractive and flexible mortgage The USDA Guaranteed Rural Housing Program is available to low- and moderate-income households in designated rural areas of Florida. Under this program 100% financing is available and no mortgage insurance is charged to the borrower, making it one programs available. The 2% Guarantee Fee may also be financed. In Florida, the maximum loan amount is $417,000.
Qualified applicants must have household income no
more than 115% of area median household income and typically have a minimum
credit score established by each lender. Borrowers must also lack sufficient
assets to qualify for a conventional mortgage loan.Â
Properties must be owner-occupied and located in a rural community with a population of 10,000 or below. A community with 20,000 residents may also qualify if it is outside of a metropolitan statistical area. To find out if a property address qualifies, visit the USDA Rural Housing Service Property Eligibility site.