| Why Florida homebuyers should consider and FHA | | | | qualify for a Florida FHA loan than a conventional loan. |
| home loan? Why should Florida homebuyers choose | | | | More protection to keep your Florida home: The |
| an FHA mortgage? | | | | Federal housing administration has been around since |
| There are many good reasons why Florida | | | | 1934 and will continue to be here Florida homeowners |
| homebuyers to choose an FHA loan over a risky | | | | avoid Foreclosure. After you buyer your Florida home |
| subprime or conventional home loan, especially if one | | | | should you encounter hard times after buying your |
| or more of the following apply to you: | | | | home, the FHA has many options to help you keep |
| - If you're a Florida first-time homebuyer or current | | | | you in your Florida home and avoid foreclosure. |
| Florida homeowner | | | | FHA does not make Florida mortgage loans to people |
| - If you want to keep your Florida monthly mortgage | | | | for a Florida home and it does not set the interest |
| payments as low as possible | | | | rates on Florida mortgages it insures. FHA insures |
| - If you're worried about your Florida mortgage monthly | | | | loans for Florida mortgage lenders against loss. For the |
| payments going up | | | | best interest rate and terms on a Florida mortgage, |
| - If you're worried about qualifying for a Florida home | | | | you should compare Florida mortgages from several |
| loan | | | | different Florida mortgage lenders. A Florida |
| - Your a Florida homebuyer and you don't have | | | | FHA-approved lender can help you start the Florida |
| perfect credit | | | | FHA home loan application process. |
| - Your a Florida homebuyer and If you don't have a lot | | | | You may use an FHA home loan to purchase a |
| of money to put down on a Florida home. | | | | Florida or refinance a new or existing Florida home |
| - Your a Florida homebuyer and you're worried about | | | | 1-4 family Florida home, a Florida condominium unit or |
| what will happen if you fall behind on your payments | | | | a Florida manufactured or Florida mobile home. |
| If any of these issuers describe you, then an FHA loan | | | | What types of Florida home loans does FHA offer? |
| may be right for you. An FHA home loan mortgage | | | | FHA Fixed rate home loans - Most FHA loans are |
| offers many Florida homebuyers benefits and | | | | fixed-rate mortgages (loans). In a fixed rate mortgage, |
| protections that you won't find in other mortgage loans | | | | your interest rate stays the same during the whole life |
| including: | | | | of the loan, normally 30 years. The advantage of a |
| Florida home buyers should know the many | | | | fixed-rate mortgage is that you always know exactly |
| advantages of the FHA mortgage loan programs. | | | | how much your monthly payment will be, and you can |
| FHA loans were created to help increase home | | | | plan for it. |
| ownership. For the Florida home buyer the FHA | | | | FHA Adjustable rate home loans - Most first-time |
| program can simplify the purchase of a home, making | | | | homebuyers are a little stretched financially, so they |
| financing easier and less expensive than a | | | | want payments as low as possible at the beginning. |
| conventional mortgage loan product. Some highlights of | | | | With FHA's adjustable rate mortgage (ARM), the initial |
| the Florida FHA loan program include: | | | | interest rate and monthly payments are low, but these |
| Minimal Down Payment and Closing costs. | | | | may change during the life of the loan. FHA uses the |
| - Down payment less than 3% of Sales Price Gifts | | | | 1-Year Constant Maturity Treasury Index (1 Yr CMT |
| are allowed | | | | the most widely used index, to calculate the changes in |
| - Seller can credit up to 6% of sales price towards | | | | interest rates. An index is a measure of interest rate |
| closing and prepaid costs. | | | | changes that determine how much the interest rate on |
| - 100% Financing available | | | | an ARM will change over time. |
| - No reserves required. | | | | The maximum amount that the interest rate on your |
| - FHA regulated closing costs. | | | | loan may increase or decrease in any one year is 1 or |
| Easier Credit Qualifying Guidelines such as: | | | | 2 percentage points, depending upon the type of ARM |
| - No minimum FICO score or credit score | | | | you choose. Over the life of the loan, the maximum |
| requirements. | | | | interest rate change is 5 or 6 percentage points from |
| - FHA will allow a home purchase 1 year after a | | | | the initial rate, again depending upon the type of ARM |
| Bankruptcy. | | | | you choose. The advantage of an ARM is that you |
| - FHA will allow a home purchase2 years after a | | | | may be able to afford more house; because your initial |
| Foreclosure. | | | | interest rate will be lower, as will your payment. |
| To take advantage of the FHA mortgage program in | | | | FHA 203k Fixer upper home loans - Sometimes you |
| Florida, Visit | | | | might see a home you'd like to buy, but it needs a lot |
| FHA mortgage advantages to Florida homebuyers | | | | of work. The FHA 203K has an FHA home loan for |
| include | | | | rehabilitating and repairing single-family properties called |
| Lower rates: A Florida FHA loan has Better interest | | | | the SF Rehabilitation 203k Loan program (203k). You |
| rates because the Federal government insures the | | | | can get just one FHA mortgage loan which includes |
| loans for Florida FHA mortgage lenders.. | | | | the mortgage and the cost of repairs combined. The |
| Easier to qualify: Because FHA insures your Florida | | | | FHA mortgage amount is based on the projected |
| mortgage, Florida FHA lenders may be more willing to | | | | FHA home value of the property with the work |
| give you loan terms that make it easier for you to | | | | completed, taking into account the cost of the work. |
| qualify. | | | | The advantage of this FHA home loan is that you can |
| If you have less than perfect credit: You don't have to | | | | buy a home that needs a lot of work, but you still have |
| have perfect credit to get a Florida FHA mortgage. In | | | | only one FHA mortgage payment, and you can |
| fact, even if you have had credit problems, such as a | | | | complete the repairs after buying the home. |
| Foreclosure or a bankruptcy, it's easier for you to | | | | |