Florida FHA loan, Florida FHA Mortgage Lender, Florida FHA mortgage, Florida FHA home loan

Florida FHA Loans What is an FHA loan? FHA is the Federal Housing Administration and the FHA does not lend money. FHA loans are not loans at all. FHA is the same as mortgage insurance and was created to insure Florida mortgage lenders against loss so they can offer Florida mortgage applicants better financing options. An FHA mortgage loan might be for you if: You Have fair or poor credit You Have a low down payment (but at least 3.5%) Have  had a past bankruptcy Have had a past Foreclosure Essentially, the federal government insures FHA mortgage loans for Florida FHA-approved lenders so that lenders reduce their risk of loss if they lend to borrowers with bad credit histories. The FHA program has been in place since the great depression to help stimulate the housing market by making loans accessible and affordable. What are the advantages of FHA loans? For the Florida mortgage applicant the FHA program can simplify the purchase of a home, making financing easier and less ex
pensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include: Minimal Down Payment and Closing costs. Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure. To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan. What do I need to qualify for an FHA loan? Must make a minimum down payment of 3.5% on the house and it can be gifted by a family member (conventional financing does not allow gifting).
Must have to have stable predictable income or worked for same employer for the last two years. Must have Social Security number, lawful residency in the U.S., and be of legal age to sign a mortgage in Florida . Must have a property appraisal from a Florida FHA-approved appraiser. Mortgage payment (including principal, interest, property taxes, property insurance) needs to be less than 35% of your gross monthly income. Monthly debt (mortgage, credit cards, auto, student loans, etc.) cannot be more than 43% of your gross monthly income. No minimum requirement for credit scores, but past credit performance will be scrutinized. FHA-qualified lenders will use a case-by-case basis to determine an applicants' credit worthiness. Must be two years out of bankruptcy, with good credit. Must be three years out of foreclosure, with good credit. To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL
mortgage programs we can make available. Or Apply now for a FL FHA home loan.

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