Florida FHA Mortgage, Florida FHA home loan Advantages
Florida FHA Mortgage, Florida FHA home loan Advantages
The FHA loan program was created to help increase homeownership. The FHA program makes buying a Florida home easier and less expensive than other types of Florida home loan programs. Here are just some Examples of how FHA can help you purchase a Florida home,
Minimal Down Payment and Closing Costs.
Down payment less than 3% of Sales Price 100% Financing options available No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure. Easier Debt Ratio & Job Requirement Guidelines such as: Higher Debt Ratio's than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
FHA refinancing offers benefits for current Florida real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage. A Florida FHA home loan refinance may also benefit you even if you do not currently have a FHA loan.
Some advantages of using a FHA mortgage for your mortgage refinance are as follows:
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
· Cash-Out up to 95% of your properties value.
· Consolidate first and second mortgages into single loan.
· Bill consolidation programs.
· Easier credit and income qualifications.
· FHA regulated closing costs.
Rate and Term Mortgage Refinancing up to 97% of your homes value.
· Consolidate first and second mortgages into a single loan.
· No FICO score or credit score requirements
· Competitive rates for borrowers with a Bankruptcy older than 2 years.
· Competitive rates for borrowers with a Foreclosure older than 3 years.
· Easier credit and income qualifications.
· FHA regulated closing costs.
FHA Streamline Refinance for existing FHA loans only.
· No Cost Interest Rate Reductions programs.
· No Income or Credit Qualifications.
· Zero cost refinance options available.
· Easily switch amortization for adjustable to fixed or vice versa.
· Easily shorten or lengthen term of your existing loan.
· Easier credit and income qualifications.
FHA Secure Refinance with current mortgage lates.
· Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage.
· Qualify for refinance even if currently in foreclosure.
· Complete details of FHA Secure loan.
Summary of FHA Home loan advantages for Florida Homebuyers
Summary of FHA Home loan advantages for Florida Homebuyers
Summary of FHA Home loan Advantages for Florida Home buyers.
Florida Mortgage, Florida FHA Loan, FHA home loan, FHA mortgage refinance
For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive for Florida mortgage seekers. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed
Seller can credit up to 6% of sales price towards closing and prepaid costs.
100% Financing available
No reserves required.
FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements.
FHA will allow a home purchase 2 year after a Bankruptcy.
FHA will allow a home purchase 3 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448.
Many Florida mortgage applicants are confused about what types of FHA mortgage programs are available to them. In the Florida real estate market that has been hit with large declining values, this is especially true. So, let me try to help you understand what is available to the average Florida home owner or purchaser as far as FHA mortgage loans in Florida are concerned.
In a market such as Florida, FHA works great because even with the declining values that Floridian property owners have experienced, a Florida FHA buyer can borrow up to 97% of the Florida home's appraised value or purchase price -whichever is less. Apply now for a FL FHA home loan with a HUD approved Florida FHA lender.
The maximum loan amount varies by which county in Florida the property is located. The FHA mortgage may be used to purchase or refinance a single family home, 1-4 unit projects, Condos, PUDS, Modular and Manufactured homes.
The FHA mortgage is available to U.S. Citizens, permanent resident aliens, and non permanent resident aliens may qualify too, so talk to your licensed Florida loan officer to check your eligibility.
The income ratios allowed are up to 31% for housing and up to 43% total payments, but may vary depending on compensating factors. So again, make sure you ask your licensed Florida loan officer. Florida is considered a high closing cost state, which means the costs are at or above 2.1% of the sales price. One of the reasons for this is that Florida has a 1% Mortgage tax; even on a refinance, the state of Florida requires you to pay tax of 1% on the new mortgage amount.
FHA Loans in high closing cost states such as Florida can have a loan to value on a purchase of up to 98.75% if the property is valued at less than ,000, and 97.5% for a value of ,000, up to 5,000. For all values above 5,000, the rate is 97.15%.
FHA mortgages are insured with up front mortgage insurance, referred to as (UFMIP) and monthly mortgage insurance (MIP). UFMIP is 1.50% of the base loan amount excluding UFMIP, which can be rolled into the loan or paid all in one shot at close. FHA/HUD charges an annual premium which is split into 12 payments - this is what is known as MIP.
Some Florida borrowers may be entitled to a partial refund of the UFMIP, if their loan closed on or after January 1, 2001, to pay off or refinance an FHA loan within five to seven years of its original closing date.
When making a decision on taking out a Florida FHA mortgage on your purchase or refinance of a home, you must make sure that you can qualify for this type of loan. So again, make sure that you work with an experienced FHA licensed Florida loan officer.
FHA loans require full documentation of income and assets. You will be required to show 2 months most recent pay stubs, 2 years W-2s and/or tax returns, a written verification of employment, as well as 2 most recent statements for all checking, savings, 401k, and like accounts with a verification of deposit from your bank. Also required is a 4506 form, which gives the IRS permission to verify your taxes.
You will also have to show verification of rent or previous mortgage history, and depending on your underwriter, you may have to show cancelled checks for the last 6 months to one year of rent or mortgage payments made. Due to the tremendous amount of fraud that has occurred in Florida, expect that all FHA loans underwritten on Florida homes will be scrutinized.
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