Florida FHA loans for First time homebuyers
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Florida First Time Home Programs
When you apply for the Florida FHA First Time Home Buyers FHA loan you get the very best service to make you a proud Florida Homeowner. Once you apply with http://www.FHAmortgageFHALoan.com Officer will guide you along the path of Florida homeownership. As long as you listen our FHA mortgage professionals and do as instructed you will qualify for a new Florida mortgage.
You must work with your a Florida FHA mortgage professional and together with our team we will work to get you approved. Keep in mind we are FHA mortgage lenders and regardless of your past credit issues we will work to get you approved for a Home loan. FHA Home loan advantes include:
Minimal Down Payment and Closing Costs.
- Down payment less than 3.5% of Sales Price
- Gift for down payment and closing costs allowed.
- 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:
- Minimum FICO credit score of 540.
- 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.
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Florida FHA First Time Home Buyers Program:
- No minimum credit score – FHA home loans do not have a minimum credit score requirement. The FHA mortgage underwriter will evaluate the entire credit profile to determine the FHA mortgage applicants likelihood of repayment. Past credit issues may be overlooked if your new current payment history has been re-established. Also, other compensating factors may apply.
- Past Bankruptcy okay – Chapter 7 bankruptcies are allowed if discharged over 2 years ago (or 1 year with extenuating circumstances). Chapter 13 bankruptcies are allowed to refinance or purchase a Florida home with a minimum of 1 year of on time plan repayment and trustee approval.
- Less Money Needed – FHA loans allow the seller to pay up to 6% of your closing cost prepaid tax and insurance and only require a 3.5% down payment.
- Housing History– FHA does not require a rental or other housing history if it is not available.
- Non-occupying co-borrower allowed – FHA mortgage loans allow a non-occupying relative to co-sign the mortgage. The non-occupant’s income and assets can be used for qualification purposes. This is generally used for parents to help their children buy a home.
- FHA financing for ALL Property types – 1-4 unit, condos, town homes, modular homes, and manufactured homes (see manufactured homes page )
- No cash reserves required –most conventional loans require cash reserves for future payments, FHA does not require you to have cash reserves on 1-2 unit properties. However, having reserves can help strengthen the overall FHA Loan request..
http://www.FHAmortgagePrograms.com Article Source:http://www.articlesbase.com/mortgage-articles/florida-fha-loans-for-first-time-homebuyers-1458940.html
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