FL FHA Loan With 580 Score

In Florida, florida no doc loans are extremely popular. Small down payment is required and you don’t need perfect credit. The best part… you STILL get the low interest rates! Lets learn what you need…

First, let’s talk about what exactly is an florida usda mortgage because you are probably thinking this sounds too good to be real. An FHA mortgage is issued by Government approved brokers and insured by the Federal Housing Administration. That means that they are government loans just like USDA & VA. To get a USDA you must be zoned agricultural and VA you have to be a veteran to be eligible. Unlike the other 2, FHA is for everyone!

So, what is required by the servicers to get an FHA loan you ask?

You need 2 years worth of documented work history. That means you have to be able to prove it with tax returns. It doesn’t have to be two years at the same company, but it does help if its 2 years in the same line of employer. Brokers are sometimes able to look past it if you were in college and you now place with your degree.

Credit. That’s a scary word for many home buyers. You walk into a banks with anything under a 620 credit score… well, you pretty much get thrown out! FHA is a bit more flexible. We have a financial institutions are pretty strict when it comes to other government mortgage must be at least three years old. Chapter 13 bankruptcies are allowed as long as you have made 12 months payments on time.

Down payments are a requirement when it comes to buying a house. Most brokers for typical financing require 20% down. That’s a lot of money. If the loan you are trying to get is $100k, well, then you need to bring 20 thousand dollars to the closing!!! Who has that now days with this economy? FHA only requires you to bring 3.5% down. That’s a huge comparison.

You are probably thinking that with all of these pluses, that there has to be a detractor. Right? It has to be in the rates… right? Well, you are false. FHA has the same low rates as conforming! You can get FHA loan right now for as low as 4.875% on a 30 year fixed (which I forgot to mention, all FHA loans are 30 year fixed.