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Mike Brasco's Blog

By Mike Brasco | Home Seller in Jacksonville, FL

Florida FHA Loans, FHA Home Purchases, and Florida FHA Refinances

Florida FHA Loans, FHA Purchases, and Florida FHA Refinances
FHA Approved Florida Mortgage Lenders

Florida FHA home loans have attractive features for Florida homebuyers and homeowner’s because they are insured by the US Government (Federal Housing Administration). FHA home loan financing can be used for Florida home purchases, FHA rate/term refinances, Florida FHA cash-out refinances, and Florida FHA streamlined refinance.


FHA refinancing offers benefits for current Florida home owners who are seeking to complete a FHA refinance mortgage of their existing real estate mortgage (s). A FHA mortgage refinance may also benefit you even if you do not currently have a FHA loan. Some different ways of using a FHA mortgage for your Florida mortgage are as follows:

FHA CASH OUT REFINANCE: An FHA cash out refinance with FHA loan applicant a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current homeowners can cash equity built up in their homes; up to 95% of the home’s FHA appraised value, to spend how they please.

FHA REFINANCE TO CONSOLIDATE DEBT: High interest credit cards and other high interest debt can be consolidated into one low monthly FHA mortgage payment with an FHA debt consolidation refinance.

FHA REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate home loans, including adjustable rate mortgages, can use an FHA refinance to lower their monthly housing obligation. In addition, Florida homeowners with a 15-year mortgage can refinance into a 30-year or 40-year fixed rate mortgage to lower the monthly payments.

FHA STREAMLINE REFINANCE: FHA streamline refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their rate and payments. With an FHA streamline refinance, homeowners can refinance their Florida mortgage payments with no credit check and no appraisal. The only FHA condition is that the homeowner has to be current on the FHA mortgage. Your current mortgage payments must be current in order for you to qualify.

FHA CHAPTER 13 REFINANCE: Florida Homeowners who have enough equity in their home and who are currently in a Chapter 13 repayment plan can refinance to consolidate monthly credit obligations into one low monthly mortgage payment.


This federal backing enables Florida home financing opportunities for many Florida families who could not otherwise qualify for a Florida home loan. Here are reasons to investigate an FHA mortgage program including:

•  FHA low down payments as low as 3.5% 
•  Up to 6% seller paid closing costs and FHA mortgage insurance can be included in the FHA loan 
•  Down payment funds may come from family member, employer, or charitable group 
•  First time Florida homebuyers will find it easier to qualify for FHA due to easier credit guidelines 
•  FHA mortgage rates are very competitive with conventional loans 
•  FHA mortgage loans can be used for purchases and FHA refinancing a Florida home 
•  FHA mortgages can be used for cash-out refinances for home improvements 
•  FHA allows seller paid contributions to your closing costs of up to 6% 
•  FHA loan limits are quite high. Northeast Florida limit is $ 427,500
•  Less than perfect credit; even bankruptcy may be possible with FHA
•  FHA underwriting guidelines allow for explaining credit and employment issues 
•  Florida FHA Streamline Refinance, a particular kind of Florida FHA loan refinancing plan, refers to a reduction in the amount of paperwork needed to accomplish the FHA refinancing, and an appraisal might not be required.


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