FL FHA mortgage loans are popular for 1st time
Florida home buyers because they only require a down payment of 3.5% and that
money can also come from down payment assistance grants. FHA does not
make loans, rather they insure these loans that are made by private Florida FHA
mortgage lenders. A lot of borrowers feel good knowing their loan is backed by
the federal government. These FHA loans do require upfront mortgage insurance
of 1.8500% of your loan amount. This is normally financed into your loan. FHA
also requires monthly mortgage insurance of .85%. FHA also makes it easy
to refinance an existing FHA loan by allowing a streamline refinance. It is
possible to do a streamline refinance without qualifying all over again or
getting a new appraisal.
§ Great for people with Bad credit
§ Easier debt ratio requirements
§ Often requiring no reserves
§ Allows a gift for down payment
§ Allows non-occupant co-borrowers
§ Less than 2 years on the job is ok
§ Allows the seller to pay up to 6% of the
purchase price toward your closing cost
Florida FHA loans are not just for 1st time
homebuyers. Because FHA loans are more lenient than conventional loans,
many people will choose this option if they have blemishes on their credit or
have had a foreclosure or bankruptcy in their past. FHA loans do have
loan limits that are county specific, so call to find the limits in your
county.
Florida FHA Mortgage Lenders
All Florida Mortgage Situations Welcome!
Good Credit – Bad Credit – No Credit + No Problem + We work with everyone towards home ownership! Whether you’re a first time Florida home buyer, moving to a new home, or want to FHA refinance your existing conventional or Florida mortgage, we will show you how to purchase or refinance a home with flexible guidelines.
When you decide to apply for a Florida home loan through Florida FHA mortgage lender you need to know you’re dealing with experienced full-time mortgage lending professionals who know FL real estate. We offer a huge assortment of Florida FHA, VA, Conventional & Private Florida mortgage programsbuilt around Florida home buyers and homeowners.
Whether you’re buying a first home using our great FHA mortgage program or refinancing a home you already own using traditional Florida mortgage financing, nothing helps more than having a seasoned Florida FHA mortgage lender working hard answer all your Florida FHA mortgage questions!
FHA Mortgage Buyers Initial Questions
- What is an FHA Mortgage loan? The FHA is a division of the Department of (HUD) Housing and Urban Development. An FHA mortgage loan is a mortgage that is insured by the Federal Housing Administration (FHA) and funded by private Florida FHA approved mortgage lenders.
- Are FHA mortgage for first time home buyers only? NO, FHA mortgage loans are NOT for first–time buyers only. FHA loans can be used by first time buyers and repeat buyers alike. The FHA mortgage is often marketed as a product for “first–time buyers” because of its low down payment and flexible qualifying requirements. FHA mortgage applicants can purchase an FHA approved investment property using and FHA mortgage loan.
- How Does The FHA Mortgage Insurance Work? Anyone who takes out an FHA mortgage finances the insurance into the FHA mortgage loan amount. This “Up Front Mortgage Insurance ” cost is called the “UFMIP”. The upfront mortgage insurance premium paid on all FHA mortgages is paid to the government and use the funding fee money to reimburse Florida FHA Mortgage lenderswho were forced to foreclose on mortgages that were financed to bad credit mortgage applicants. Think of the funding fee as the foreclosure “insurance fund” for the FHA Florida Mortgage Lenders. In addition to the upfront funding fee, the borrower is also required to pay a small monthly fee to the FHA as part of their monthly mortgage payment. The monthly fee is called monthly MIP or mortgage insurance premium.
- Do I have to be a first time mortgage buyer to use the FHA mortgage? No you do not have to be a first time Florida home buyer but the FHA mortgage is only for a Primary home purchase only.
- Can I roll all the closing costs into the FHA mortgage? You are permitted to finance the upfront FHA funding fee only. FHA mortgage closing costs can be paid by the seller up to 6% and must be negotiated up front in your purchase and sale agreement.
- Can I get an FHA Mortgage after a Foreclosure or Bankruptcy? YES! you can qualify for an FHA mortgage 3 years after the title was transferred out of your name.A borrower may also still qualify for an FHA insured loan after declaring Chapter 13 bankruptcy, if at least 1 year of the bankruptcy payout period has passed and the borrower has been making satisfactory payments. In these cases, the FHA mortgage applicant must also request permission from the court to enter into a new FHA mortgage loan. declaring Chapter 7 bankruptcy, if at least 2 years have passed since the bankruptcy discharge date. FHA mortgage applicants must also have re-established good credit or have opted to incur no new debts (this means you specifically chose to take out no new loans, credit cards, etc.)
- What is the minimum down payment for FHA Mortgage? Currently, 3.5% can from family gift or grant.
- Can my parents or other relatives give me money? Yes, provided the money is considered a gift and your relative sign and date the proper gift letter documentation.
- Is there a maximum FHA Mortgage Loan Amount? Yes, see maximum loan limits below based on the Florida county.
Learn All You Can About The FHA Mortgage Program:
FHA Mortgage Loan Approvals For
- Single family Homes
- Town House- check for lot and/or block legal descriptions.
- Villas- check for lot and/or block legal descriptions.
- Modular Homes
- Manufactured homes
- FHA Approved condominium – Search Florida FHA Approved Condos
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