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