TEN REASONS FLORIDA MORTGAGE APPLICANTS GO FHA?
Reasons To Go FHA When Buying a Florida Â Home
1. 100% Gift from relative allowed for Florida
FHA mortgage applicants Down Payment (3.50% Requirement)
2. First time Florida mortgage
applicants need Minimal Cash Reserves Required
3. 6% Seller or Florida mortgage Lender
Contribution toward Closing Cost
4. Alternative Credit and NO
credit Florida mortgage approvals Allowed Even After Bankruptcy
5. Easy FHA Mortgage Qualifying Ratios 31/43
or higher with compensating factors
6. Anyone is
eligible for FHA even buyers after a Foreclosure or Florida Bankruptcy.
7. Non-Occupying Co-Borrower is OK
8. FHA Streamline
9. Assumable After 2 Years
10. Closed Loan and Earned Real-Estate
For More Information on FHA Loans in Florida
THE FHA RESOURCE
CENTER at HUD.GOV
FHA MORTGAGE LOANS HAVE MANY HOME BUYER ADVANTAGES
HAVE MINIMAL DOWNPAYMENT AND CLOSING COST:
- Down payment onlyÂ 3.5% of
the purchase price.Â
- Gift's and Grants for down
payment and closing costs OK!Â
- Seller can credit up toÂ 6%
of sales price towards buyers costs.Â
- No reserves or future payments
in account required.
- FHA regulated closing costs.
FHA MORTGAGES HAVE EASIER CREDIT QUALIFYING
GUIDLINES SUCH AS:
FHA LOANS ALLOW HIGHER DEBT TO INCOME &
EASIER JOB QUALIFYING:
- FHA allows
higher debt ratio's than any other Florida home loan programs.Â
- Less than two
years on the same job is OK!Â
buyers can also qualify for FHA.Â
Â·Â Â Â Â Â Â Â Â
Â·Â Â Â Â Â Â Â Â
(Click here)Â To view more detailed FHA qualifying requirements.
OF FHA MORTGAGE REFINANCING A FLORIDA MORTGAGEÂ
FHA CASH OUT REFINACE UP TO 85% LTV- LOAN TO VALUEÂ
- FHA Cash out up to Consolidate
first and second Florida home loans into a single FHA mortgage.Â
- FHA refinance to bill
consolidate higher interest debt.
- Easier credit and income
- FHA mortgages have regulated
REFINANCE YOUR RATE AND TERM UP TO 96.5%:
refinance to consolidate first and second mortgages into a single FHA
credit score required no credit score refinancing options with proof of
FHA mortgage rates for loan applicantsÂ with a Bankruptcy older than
(2) two years.Â
FHA rates for borrowers with a Foreclosure older than (3) three
credit and income qualifications.Â
regulated closing costs.
FHA STEAMLINE REFINANCE AN EXSITING FLORIDA FHA MORTGAGE
- No out of pocket cost forÂ FHA mortgage refinanceÂ interest
rate reductions programs.Â
- No income or FHA credit
- ZeroÂ FHAÂ loanÂ closing
out of pocket refinance options available.Â
- Easily switch lower interest or
amortization schedule from adjustable to fixed or vice verse.Â
- Use FHA refinancing to easily
shorten or lengthen term of your existing Florida mortgage.
- Easier credit and incomeÂ FHAÂ loan
FLORIDA FHA REVERSE MORTGAGES TO ELIMINATE
Florida homeowners age 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.Â
current FHA loan reverse FHA mortgage refinance guidelines.
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REASONS TO TAKE ADVANTAGE OF THE FHA MORTGAGE
- Â BAD
CREDIT FHA MORTGAGE APPLICANTS-TheÂ FHAÂ loanÂ programÂ exists
to expand the pool of Florida home buyers. Even low credit score FHA loan
applicants with prior troubles get approved for anÂ FHA homeÂ loanÂ everyÂ 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 reliesÂ more on recentÂ payment history
rather than credit score.
MORTGAGE ALLOW FOR EASIER QUAIFYINGâ€“Florida home buyers will find the
FHA loan is the last stop to qualify for a decent Florida home loan.
Meaning if you donâ€™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.
MORTGAGE HAS LOWER LOAN COST-Â FHA loan rates are extraordinarily
competitive. FHA's lower risk to the Florida mortgage lender means a
better rate for the FHA loan applicant.
AVOIDANCE FOR FLORIDA HOMEOWNERS-Â Safeguards For Florida
homeowners 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 loanÂ 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.
MORTGAGE LOANS FOR MANUFACTURED FLORIDA HOMES-Under certain
conditions, you can even FHA finance a Florida manufactured home and land
package built before after 1977. These land home packages include mobile
or modular home loan financing or using a Florida FHA mortgage loan.Â
MORTGAGES Â 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.