www.Florida-Mortgage-Lenders.com 
All Information is subject to change without notice.

preview

Questions

911loan@gmail.com

CLICK HERE
Reviews on Zillow
 
1399173
"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
5.0/5.0
by lbaze2008
1375949
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
5.0/5.0
by rmac333
1345066
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
5.0/5.0
by zuser20140303145114251

CREDIT REQUIREMENTS Mobile top

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

CALL NOW!

954-667-9110

Apply Now!

FHA Mortgage Lenders Info and Requirements Florida

Enclosed on this page you will find basic Florida FHA mortgage lenders requirements.

What is an FHA loan? FHA mortgage lenders have been available since 1934. How does FHA work? The Federal Housing Administration (FHA) - which is part of HUD - insures the FHA mortgage loan, so the Florida FHA mortgage lender can offer you a better deal. the advantage of using an FHA loan include:

  • 3.5 Low down payments.
  • Seller paid closing cost up to 6%.
  • Easy credit qualifying.

Where can I get the down payment for an FHA loan? The maximum mortgage amount that FHA will insure on a specific Florida FHA mortgage purchase is calculated by multiplying the appropriate Loan-to-Value (LTV) percentage by the Adjusted Florida home Value.  In order for FHA to insure this maximum FHA mortgage amount, the FHA mortgage applicant must make a Minimum Required Investment (MRI) of at least 3.5 percent of the Purchase price.  MRI refers to the Borrower’s contribution in cash or its equivalent required by Section 203(b)(9) of the National Housing Act, which represents at least 3.5 percent of the lower purchase price or Adjusted Value of the property. Total Required Investment refers to the amount the Borrower must contribute to the transaction including the Borrower’s down payment and the Borrower-paid transaction costs. 

FLORIDA FHA MORTGAGE CREDIT REQUIREMENTS
What Florida FHA Mortgage Lenders Want to See When They Review Your Credit
Before approving an FHA mortgage loan, Florida FHA mortgage lenders analyze the integrity of the mortgage applicants past credit performance. Based on FHA requirements, those who have a good credit history demonstrated by a solid track record of timely payments will likely be eligible for a loan. A potential borrower whose recent credit history shows 30 day late payments, judgments and recent delinquent accounts is not a good candidate for loan approval. Below you will find some common FHA mortgage lender concerns

NO CREDIT SCORE FHA MORTGAGE- We can approved Florida FHA mortgage applicants with no credit history using alternate trade lines.

CHAPTER 13 BANKRUPTCY- FHA will consider approving a Florida FHA mortgage applicants who are currently paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of 12 months or more. Florida FHA mortgage lenders require approval from court trustees. In addition he borrower will have to give a full explanation of the bankruptcy with the FHA mortgage application.

CHAPTER 7 BANKRUPTCY- Florida mortgage applicants must wait a full (2) two years since the chapter discharge date, this is not to be confused with the bankruptcy filing date. FHA mortgage applicants are required to provide full explanation of what happened to cause the bankruptcy and why these circumstances will not happen again.

LATE PAYMENTS- During the FHA approval process the underwriter will review the overall most recent 24 months of credit behavior rather than isolated cases of slow payments. If a good payment pattern has been maintained for the most recent 12 months regardless of a specific period of financial difficulty preceded it, Florida mortgage applicants have a very good chance for FHA mortgage approval.

FORECLOSURE- FHA insured mortgages are generally not available to Florida FHA mortgage applicants whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous (3) three years. You miight try out one of our Bad credit Florida mortgage or Hard money Florida mortgage programs.

SHORT SALE- Florida mortgage applicants that were on time with their mortgage payments at the time of the short sale will immediate qualify for an FHA mortgage after the short sale. However those that were late on their mortgage payments at the time of the short sale must wait a full 3 years from the time the deed was transferred to qualify for an FHA mortgage. However, you may qualify with our Bad credit Florida mortgage or Hard money Florida mortgage programs.

COLLECTIONS- A collection is minor in nature usually does not need to be paid off as a condition for FHA mortgage approval if the collection is under $15000. However, most Florida FHA mortgage lenders require apartment complex collections or housing collections be settled or paid in full before closing.

JUDGEMENTS AND FEDERAL DEBTS- All judgments and Federal debt obligations must be paid in full or the borrower must provide a 12 month repayment plan history to qualify for an FHA Mortgage.

 

 FHA MORTGAGE- FLORIDA HOME BUYER ADVANTAGES

 

FHA Loans for Buying a Florida Home or FHA Refinance Mortgages 

 

 SAME DAY APRPOVALS! CALL NOW 954-667-9110

www.Florida-Mortgage-Lenders.com

FLORIDA FHA MORTGAGE LOANS HAVE MINIMAL DOWNPAYMENT AND CLOSING FEES: 

  • Down payment only 3.5% of the purchase price. 
  • Gifts from family or Grants for down payment assistance and closing costs OK! 
  • Seller can credit buyers up to 6% of sales price towards buyers costs. 
  • No reserves or future payments in account required.
  • FHA regulated closing costs. 

FLORIDA FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN: 

FLORIDA FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING 

 
FHA POPULAR MORTGAGE TOPICS INCLUDE:

FHA No Credit Score Home Loans

FHA Bad Credit Mortgage Approvals

Florida FHA Mortgage Lenders Guidelines

FLORIDA FHA MORTGAGE LOAN ARE EASIER TO QUALIFY FOR

FHA mortgage guidelines tend to be more lenient in areas such as credit, debt to income ratios and cash to close. As a result of this FHA mortgage insurance borrowers will find that Florida FHA home loan rates are better than a conventional mortgage. The Florida FHA mortgage provides all these benefits while protecting Florida FHA mortgage lenders from loss.

(Click here) To view more detailed FHA qualifying requirements.

FLORIDA FHA MORTGAGE MAY BE RIGHT FOR YOU IF: 

 - You Do not have much for down payment and closing cost - Your down payment for a Florida FHA mortgage can be as low as 3.5% of the purchase price. And, if the seller agrees most of your closing costs can be paid by the seller up to 6% of the sales price. The FHA mortgage is available on 1-4 unit homes including town homes, villas, and single family homes. Condos must be on the FHA approved condo list to qualify.

 - You have no credit score.  The Florida FHA mortgage allows Florida FHA home loan applicants to build a credit history using non- traditional trade lines. Non traditional trade lines include a 12 month payment history to direct service providers. Direct service providers include your electric, water, cell phone or car insurance payments. Read more about Florida no credit score home loans.

 - You want a fixer-upper.  The Florida FHA 203K loan allows Florida FHA mortgage applicants to buy and repair a Florida home, fix it up, and include all the rehabilitation costs in one Florida FHA mortgage loan. Or, if you own a Florida home already that you want to re-model or repair, you can use the FHA mortgage to cash out refinance what you owe and add the cost of repairs - all in one Florida FHA mortgage loan.

- You have a Bad Credit past.  The Florida FHA mortgage can help Florida FHA mortgage applicants with a bad credit history. The Florida FHA mortgage program will even work for Florida bad credit mortgage applicants with a past foreclosure or bankruptcy, divorce ect. Read more about Florida bad credit mortgage qualifying.

 You are a senior living in a home that you own outright or you have low loan balance. Seniors fitting this profile may be well-suited for an FHA Reverse Mortgage. The FHA reverse mortgage allows you convert a portion of your equity into cash.

 - You want to make your home more energy efficient. With a Florida FHA mortgage can include the costs of energy improvements into a Florida FHA Energy-Efficient Mortgage.

- You need FHA mortgage for manufactured homes and factory-built housing. As an approved Florida FHA mortgage lender we offer FHA mortgage loans on manufactured and modular land and home packages built after June 15th 1976. Read more about the FHA mortgage for manufactured home  purchase or FHA refinance in Florida.

 LOOKING FOR A BAD CREDIT FLORIDA FHA MORTGAGE?

Unlike most Florida Florida mortgage programs, the FHA mortgage does not have specific credit score requirements. Although a high credit score may assist in getting the FHA mortgage approved, a low score will  not automatically cause denial. If your credit scores are low, then it is up to the FHA mortgage applicant to demonstrate the ability and willingness to pay back debt. This allows Florida mortgage applicants explain the past circumstances surrounding the credit difficulties and have that explanation considered in the FHA mortgage approval process.

The result of FHA's leniency Florida FHA mortgage applicants get approved with past Foreclosures, Bankruptcies and lower credit score can get into a Florida home with out substantial down payment required though conventional Florida  loan programs. Moreover, the FHA mortgage loan is usually the first choice for Florida mortgage applicants.

With an FHA mortgage Florida loan applicants must put at least 3.5% of the sales price into the transaction. The 3.5% can come from a family member and the seller can credit the buyer up to 6% of the sales price to cover the buyers closing cost. With the 3.5% down payment, appraisal, home inspection, and  closing costs, money to establish escrows for taxes and insurance plus interest to finish out the month of closing, the total home purchase costs can be closer to 9 -10% of the sales price.

The interest rate will also have a bearing on the total costs. If you select a lower rate so that you can reduce your mortgage payment, depending on your credit and debt to income ratio you may end up paying additional money towards "points". At the same time if you are comfortable with a slightly higher payment you may find a lender that is willing to pay some of your closing costs to close in favor of a higher interest rate.

FHA allows Florida mortgage homebuyer's or FHA refinance applicants to get the funds necessary to close from several sources. Acceptable sources of down payment include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions up to 6%.

Does FHA allow Gifts for Down payment and or closing cost? Gifts refer to the contributions of cash or equity with no expectation of repayment.  Gift Funds may be provided by:  • the Borrower’s Family Member; • a governmental agency or public Entity that has a program providing homeownership assistance to low or moderate income families or first-time homebuyers.  • the Borrower’s employer or labor union; • a close friend with a clearly defined and documented interest in the Borrower; • a charitable organization; Cash on Hand is not an acceptable source of donor gift funds.   Only Family Members may provide equity credit as a gift on property being sold to other Family Members. For additional information see Handbook 4000.1  https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh  

 

www.Florida-Mortgage-Lenders.com = FHA, VA, Conventional ...

florida-mortgage-lenders.com

POPULAR FLORIDA MORTGAGE OPTIONS INCLUDE: • FHA MORTGAGE LENDERS- Min 3.5% down payment minimum 580 fico or 10% down with a 550 fico.Seller paid the closing cost up to 6%. Gift from family OK! Florida FHA mortgage …

 

  • FHA MORTGAGE

    www.florida-mortgage-lenders.com/index.php/fha-mortgage.html

    The Florida FHA 203K loan allows Florida FHA mortgage applicants to buy and repair a Florida home, fix it up, and include all the rehabilitation costs in one Florida FHA mortgage loan. Or, if you own a Florida home already that you want to re-model or repair, you can use the FHA mortgage …

    • 5/5
      (266)

 

  • What are the requirements for a Mortgagee's funding program?
    A Nonsupervised Mortgagee that originates FHA Mortgages must maintain a warehouse line of credit or other mortgage-funding program acceptable to FHA.   Title I Mortgagees must have a minimum $500,000 warehouse line of credit or funding program....
  • What is the FHA definition of a manually underwritten loan?
    A manually underwritten loan includes a loan that:  • involves borrowers without a credit score that were not scored against FHA’s TOTAL Scorecard (TOTAL), or  • received a Refer scoring recommendation from TOTAL, or  • received an Accept scoring...
 
    • What must a Mortgagee do if a mortgage application is rejected?
      The Mortgagee must complete the Mortgage Credit Reject function in FHA Connection (FHAC). If a case transfer involves a rejected loan, the original Mortgagee must complete the Mortgage Credit Reject function prior to transferring the case number.   For ...
  • Does FHA require a minimum credit score and how is it determined?
    The Borrower is not eligible for FHA-insured financing if the Minimum Decision Credit Score (MDCS) is less than 500. If the MDCS is between 500 and 579, the Borrower is limited to a maximum loan-to-value (LTV) of 90 percent. If the MDCS is at or above 580 the ...
  • Where can I obtain a copy of my Mortgage Credit Certificate?
    FHA does not maintain a copy of your Mortgage Credit Certificate (MCC). For a copy of your MCC, you should contact the lender that is servicing your loan (collecting your monthly payments) or the government agency that originally issued the MCC.HUD Policy Determ...
 
 
 

 

Apply Now

Questions

911loan@gmail.com

CLICK HERE
Reviews on Zillow
 
1399173
"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
5.0/5.0
by lbaze2008
1375949
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
5.0/5.0
by rmac333
1345066
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
5.0/5.0
by zuser20140303145114251

MINIMUM CREDIT SCORE

FHA MORTGAGE

580 MIN FICO

NO TAX RETURN PROGRAMS

600 MIN FICO

PORTFOLIO MORTGAGE

600 MIN FICO SCORE 

VA MORTGAGE

580 MIN FICO SCORE 

USDA LOANS

600 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

CALL NOW!

954-667-9110

Apply Now!

All Information Subject To Change Without Notice and should not be relied on for decision making.