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Thomas' Blog

By Tom Martin | Agent in Davie, FL

FLORIDA FHA MORTGAGE LOANS::FLORIDA FHA HOME LOANS

Florida FHA home Loans

If you are a first time Florida homebuyer or are worried about not having a large down payment, then the FHA home Loan may be a the right choice for you. Backed by the (FHA) Federal Housing Administration the federally insured loans like the FHA often mean lower down payment requirements and flexible qualifications for Florida homebuyers.

  • FHA loans have a Down payment as low as 3.5% with upfront, monthly mortgage insurance premiums (UMIP,MIP)
  • Flexible income and credit qualifications
  • No prepayment penalties if you pay off an FHA loan early
  • Use gifts of money from family, friends, and employers for your down payment or closing costs only with an FHA Loan.

Florida 203(b) Mortgage Insurance

What is the purpose of this FHA mortgage program?

The FHA mortgage insurance can be used to purchase or refinance a principal residence. The FHA mortgage loan is funded by a lending institution, such as a Florida mortgage company, bank, savings and loan association and the mortgage is insured by FHA/HUD.

What are the eligibility requirements to qualify for an FHA loan?

  • Florida loan applicants must meet standard FHA credit qualifications.
  • The FHA loan applicant is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • Eligible properties are one-to-four unit structures.
  • To learn more about the Florida mortgage limits in your area, go here.

FHA MORTGAGE FLORIDA | FHA LOAN FLORIDA

 

FHA MORTGAGE PROGRAMS FOR FLORIDA HOMEBUYERS AND HOMEOWNERS- FHA loans have been helping Florida homeowners and home buyers since 1934. How does FHA do it? The (FHA) Federal Housing Administration is part of HUD – HUD/FHA insures FHA approved mortgage lenders so they can offer you a better deal. We have detailed some FHA highlights below:

FHA LOANS HAVE MINIMAL DOWN PAYMENT AND CLOSING COST:
• Down payment only 3.5% of the Purchase Price. 
• Gift's and Grants for down payment and closing costs OK! 
• Seller can credit up to 6% of sales price towards buyers costs. 
• No reserves or required savings for future payments required.
• FHA regulated closing costs.

FHA HAVE  EASIER CREDIT QUALIFYING GUIDLINES SUCH AS:
• 12 months after a chapter 13 Bankruptcy.- 2 years after a chapter 7 Bankruptcy.
• FHA will allow a home purchase 3 years after a Foreclosure.  
• Minimum FICO credit score of 580 for 3.5% Down payment.
• Minimum FICO credit score of 530 for 10% Down payment.
• No Credit Score Florida home loans & No Trade Line Florida FHA home loans.

FHA ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING:
• Higher Debt Ratio's than any other home loan programs. 
• Less than two years on the same job is OK! 
• Self-Employed individuals OK!.

CLICK START NOW TO GET PRE APPROVED TODAY!

or use our quick application to receive a no obligation consultation on your next Florida mortgage.

1.    HAVE QUESTIONS? FHA FREQUENTLY ASKED QUESTIONS PAGE 

2.    VISIT OUR FHA INFORMATION PAGE.

3.    CHECK FLORIDA FHA LOAN LIMITS.

FHA REFINANCING IN FLORIDA

FHA refinancing offers existing Florida home owners looking to complete an FHArefinance many advantages you wont find in any other Florida home loan program. AFlorida FHA mortgage refinance will also benefit Florida homeowners who do not currently have an FHA loan. FHA refinancing highlights include:

FLORIDA FHA CASH OUT REFINANCE UP TO 85% OF THE APPRIASED VALUE:
• FHA Cash out up to Consolidate first and second home loans into a single FHA mortgage. 
• Bill consolidation programs. 
• Easier credit and income qualifications. 
• FHA regulated closing costs.

FLORIDA FHA RATE AND TERM MORTGAGE REFINANCE UP TO 96.5% OF THE APPRAISED VALUE:
• Refinance to Consolidate first and second mortgages into a single FHA loan. 
• No credit score required or minimum 530 credit score Florida FHA loans. 
• Competitive FHA rates for loan applicants with a Bankruptcy older than (2) two years. 
• Competitive rates for borrowers with a Foreclosure older than (3) three years. 
• Easier credit and income qualifications. 
• FHA regulated closing costs.

FLORIDA FHA STREAMLINE REFINANCE EXSITING FLORIDA FHA LOANS:
• No Cost for FHA refinance Interest Rate Reductions programs. 
• No Income or FHA Credit Qualifications. 
• Zero FHA loan closing out of pocket refinance options available. 
• Easily switch lower interest or amortization schedule from adjustable to fixed or vice versa. 
• Use FHA Refinance to easily shorten or lengthen term of your existing mortgage.
• Easier credit and income FHA loan qualifications.

FLORIDA FHA REVERSE MORTGAGES FOR SENIORS TO ELIMINATE PAYMENTS: 
• If you are over 62 years or older and have allot of equity in your Florida home you maybe able to refinance your existing Florida mortgages and rid yourself of monthly mortgage payments. 
• View current FHA loan reverse FHA mortgage refinance guidelines.

Apply Now for an FHA mortgage in Florida. Or use our Quick Application to receive more information on your next FHA home 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!

CLICK START NOW TO GET PRE APPROVED TODAY!

Apply Now or use our Quick Application to 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.

PROVIDING FHA HOME LOANS IN EVERY FLORIDA CITY COUNTY INCUDING AND NOT LIMITED TO:

Equal Housing
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