Considering a Florida mortgage? Take a look at a FHA Mortgage loan.Exactly what is an FHA mortgage? As a result of the great depression to boost housing The Federal Housing Administration (FHA) was launched. The FHA is government mortgage insurance that protects Florida mortgage lenders against loss and continues to help Florida homebuyers that do not satisfy traditional financing requirements, such as having minimal credit score or at least 20% down payment.
Does the Florida FHA Mortgage have income limitations? No!
Do I have to be a Florida first-time home buyer? No, many Florida first time home buyers choose the FHA mortgage program because of the low down payment only (3.5%) of the sale price and the ability to finance the closing cost up to 6% of the purchase price of the Florida FHA mortgage.
If I have a previous Foreclosure or Bankruptcy and I still qualify for an FHA mortgage? YES. Florida FHA mortgage applicants can purchase a home 36 months after a Florida foreclosure and 24 months after a chapter 7 bankruptcy and 12 months after a chapter 13 bankruptcy.
Can I qualify for a Florida FHA mortgage with bad credit or no credit score? YES! If you have a track record of paying your monthly bills on time for the last 12 months and you do not currently have a Florida FHA mortgage, there’s a good chance you will qualify. Only a Florida FHA mortgage lender approved can determine whether or not you qualify for an FHA mortgage.
Do I need a great deal of cash to purchase a home with an FHA mortgage? No. The FHA down payment requirement is only 3.5%. For Example, Florida home purchase price of $100,000 X 3.5% = $3,500
Could the down payment come from gift money? Yes! You can get 100% of your down payment from grants from family, relatives.
Can the seller pay my closing charges? Yes! The Florida FHA mortgage allows the seller to pay up to 6% of the sales price to cover the Florida homebuyers closing cost.
Does the FHA originate the mortgage loan? No. The FHA insures private Florida mortgage lenders against loss. The Federal Housing Administration levies insurance on the mortgage. If a Florida homeowner defaults on a mortgage the FHA uses the money from these insurance premiums to reimburse the Florida FHA mortgage lender provider. This really is how the FHA encourages Florida FHA mortgage lenders to give loans to otherwise higher-risk applicants.
I want to FHA mortgage refinance my Florida home. Can the FHA help? Yes! The FHA mortgage provides an FHA streamline refinance mortgage program for those who currently have a FHA mortgage and need to FHA refinance to lower interest rate. In some cases Florida home owners can do this with no up front costs. Florida homeowners can also get an FHA cash-out mortgage refinance whether the mortgage you may be refinancing is an FHA mortgage. With FHA cash out refinance, Florida homeowners can withdraw up to 85% of the value of the Florida home. For the most part, FHA is the easiest Florida mortgage to qualify for.
Just what types of Florida FHA mortgage loans are offered through the Federal Housing Administration? Florida FHA mortgage applicants can obtain a Fixed Interest rate Florida FHA Mortgage, Adjustable Rate Loans, and Hybrid Mortgages
Is there a maximum Florida FHA purchase price? No, but there are maximum Florida FHA mortgage limits based on the Florida county you live in.