The FHA’s provides mortgage insurance to private Florida FHA mortgage lenders. FHA's driven driven missing is to encourage home ownership and provide affordable Florida mortgage opportunities with low down payment and flexible credit requirements.
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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:
- Purchase a Florida home 12 months after a chapter 13 Bankruptcy
- Purchase a Florida 24 months after a chapter 7 Bankruptcy.
- FHA will allow a FHA mortgage 3 years after a Foreclosure.
- Minimum FICO credit score of 580 required for 96.5% financing.
- Bad credit Florida FHA mortgage approvals minimum FICO credit score of 530 required for 90 FHA financing.
- No Credit Score Florida mortgage loans & No Trade Line Florida FHA home loans.
FLORIDA FHA MORTGAGE LOANS ALLOW HIGHER DEBT TO INCOME & EASIER JOB QUALIFYING
- FHA allows higher debt ratio's than any other Florida home loan programs.
- Less than two years on the same job is OK!
- Self-employed buyers can also qualify for FHA.
- Check Florida FHA Mortgage Articles for more information.
FHA POPULAR MORTGAGE TOPICS INCLUDE:
FHA MORTGAGE REFINANCING OPTIONS- FHA mortgage refinancing benefits current Florida home owners that are seeking to FHA mortgage refinance a Florida mortgage. An FHA mortgage refinance will also benefit Florida mortgage applicants that DO NOT currently have an FHA mortgage. FHA mortgage refinancing offers current Florida homeowners the most flexible FHA refinancing options available. We can even FHA mortgage refinance Bad Credit Florida Mortgage applicants with our FHA 530 Mortgage. Below you will find some different ways Florida FHA mortgage applicants can take advantage of an FHA mortgage refinance.
• FHA CASH OUT REFINANCE: Florida homeowners can FHA cash out refinance with FHA mortgage at a higher loan to value than any other Florida mortgage program. With an FHA mortgage refinance, current Florida homeowners can cash equity built up in their homes; up to 85% of the home’s FHA appraised value, to spend how they please.
• FHA MORTGAGE REFINANCE TO CONSOLIDATE DEBT: Current Florida homeowners with higher interest credit cards and other high interest debt can be consolidated into one low monthly Florida FHA mortgage payment with an FHA debt consolidation refinance.
• FHA MORTGAGE REFINANCE TO LOWER PAYMENTS: Florida homeowners with higher interest rate mortgage loans, including adjustable rate FHA mortgages, can use an FHA mortgage refinance to lower their monthly housing obligation. In addition, Florida FHA mortgage applicants can FHA refinance into a 15-year, 30-year or 40-year fixed rate Florida FHA mortgage to lower the Florida mortgage monthly payments.
• FHA STREAMLINE MORTGAGE REFINANCE: Florida FHA streamline mortgage refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their interest rate thus lowering payments. With an FHA streamline mortgage refinance, Florida homeowners can FHA refinance their Florida mortgage payments with no credit check and no appraisal. The only Florida FHA streamline refinancing condition is that the homeowner has to be current on the Florida FHA mortgage. Your Florida mortgage payments must be current to qualify for an FHA streamline refinance.
Manual Underwriting Florida Mortgage Lender Approvals! Almost all FHA and VA mortgage lenders including the large banks you walk use “automated underwriting systems” (AUS) to help them correctly underwrite or .
Since 1934, the Florida FHA mortgage lenders have help issue FHA over 37 million Florida home mortgages with a market share of 30% in 2010 vs 3% in 2007. In 2009, Florida FHA mortgage lenders programs insured nearly 2 million loans!
The following Florida FHA mortgage link will allow you to enter your zip code for a list of eligible properties: FOR FLORIDA FHA MORTGAGE LOAN LIMITS CLICK HERE
According To Wikipedia:
The Florida (FHA) was created out of the National Housing Act of 1934, and was established to increase Florida home ownership and reduce unemployment and insure government loan programs.
FHA mortgage loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance.
Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers.
While most people believe that the FHA lends money directly to borrowers, it’s actually just insures a certain type of loan that is financed by traditional banks and mortgage lenders.
Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) – Reverse Mortgages.
FHA Loan Type Highlights:
- Florida FHA mortgage lenders llargest of FHA’s single family programs
- 1-4 unit properties are eligible
- flexible credit requirements
- 3.5% down payment allowed
- down payment may be a gift from specific sources
- Florida FHA mortgage lenders mortgage insurance for individual condominium units
- credit, down payment and limits of 203(b) apply
- in 2010, condominium complexes must be approved through HRAP/DELRAP to be eligible for Florida FHA mortgage lenders FHA insurance.
primary program for property rehabilitation
encourages community and neighborhood revitalization
only 1 mortgage loan is used for both the acquisition and the renovation
1-4 unit properties including condominiums are eligible; check with your lender for manufactured housing eligibility
required improvements include cost effective energy conservation standards and smoke detectors
consultancy may be required
FHA was the first to promote reverse mortgages nationally
allows access to equity in property with flexible terms
lump sum, monthly payments, line of credit or a combination available
limited to homeowners 62 years of age and older
FHA programs go beyond the scope of the previous listed programs. They offer a Streamline Refinance as well as a Streamline 203(k) for limited repairs. Also, recent legislation has helped FHA offer special programs with incentives to lenders for modifying and refinancing existing mortgages like with the “Making Home Affordable Program.”
When looking for a loan program to fit your specific needs, take a close look at FHA as their programs have become more attractive to both lenders and consumers.
With favorable loan terms, higher loan limits, 30 year fixed repayment terms and flexible Florida FHA mortgage lenders down payment options, Florida FHA mortgage lenders will continue to encourage Florida home ownership, provide liquidity and stability to the mortgage market.
The following Florida FHA mortgage link will allow you to enter your zip code for a list of eligible properties: FOR FLORIDA FHA MORTGAGE LOAN LIMITS CLICK HERE.
FHA MORTGAGE LENDERS SERVING EVERY CITY AND COUNTY IN FLORIDA