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Florida FHA Mortgage Lender - FHA Mortgage to Buy a Florida Home

By Thomas Martin

Mortgage and Lending with United American Mortgage

February 22, 2010 12:49 PM

Florida FHA Mortgage Lender - FHA Mortgage to Buy a Florida Home

The FHA loan program was created to help increase Florida home ownership. You do not need to be a Florida first time home buyer to obtain an FHA Loan. The FHA loan makes buying a home easier and less expensive than other types of home loan programs. Some advantages of the FHA mortgage loan include:

Minimal Down Payment and Closing Costs:

Down payment less than 3.5% of Sales Price.
Seller can credit up to 6% of sales price towards buyers costs.
Gift for down payment and closing costs allowed.
100% Financing options though gifts and grants.
No Bank Savings or reserves required.
FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

530 Minimum FICO Requirement
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 Guidelines such as:

Higher Debt to Income Ratio's than other home loan programs.
Less than 2 years on the job is Ok.
Self-Employed individuals Ok.

Have Questions? Fill out a Quick Response form or (Apply Now).

FHA loans are funded by private Florida mortgage lenders like us and guaranteed by the US Government. As a result of the FHA government guarantee Florida home buyers and homeowners find that qualifying for an FHA loan is easier and less expensive than other mortgage programs. Florida first time home buyers and moving up buyers can purchase a home with less than 3.5% downpayment or easily FHA refinance a home up to 96.5% of the home value.

START NOW >> FHA loans to buy a home Or FHA mortgage refinance.

Key Advantages For Homebuyers and Homeowners

Easier to Qualify- As a result of the FHA guarantee Florida FHA mortgage lenders like us are more willing to be more flexibility in qualifying. FHA mortgage insurance provides security for the lender making it easier for Florida mortgage applicants with low credit scores to qualify. FHA loans are granted based upon a common sense approach to mortgage lending rather than a credit score driven approach. Florida home buyers and homeowners that can prove the ability to make timely payments will be approved for an FHA home loan regardless of past credit issues.

Minimal Down Payment- FHA mortgage loans require minimal down payment and the down payment can come from a family member, charity, or your employer. Although the FHA loan does not have a no money down mortgage option yet, we can point you to many Florida down payment assistance programs that work well.

Costs Less- FHA mortgage loans have regulated closing cost and have better interest rates because FHA the FHA loan is insured by the Federal Government. Conventional loan are not guaranteed therefore Florida mortgage lenders face greater risk when borrowers default.

Less than Perfect Credit- Florida loan applicants that have had credit problems, such as bankruptcy or a foreclosure, have a better chance of getting approved for an FHA loan than a conventional loan. Florida FHA Loan applicants with past credit issuers that can now shown timely payment history have a much greater change of being approved for an FHA mortgage loan.

Help You Keep Your Home-The FHA loan program has been around since 1934 and will continue to be here to protect you when other mortgage programs are no longer available. Should you encounter a temporary hardship after buying your Florida home, FHA loans have many options to help save your Florida home and avoid foreclosure.

Have Questions? Fill out a Quick Response form or (Apply Now).

Most Common Florida FHA Loan Questions

What is an FHA loan? The FHA loan is a government insured mortgage loan created to increase home ownership and make it easy to purchase or refinance a Florida owner occupied home. FHA loans are funded by private Florida mortgage and HUD/FHA guarantees to the these FHA mortgage loans. As a result of FHA's guarantee Florida FHA loan applicants find that qualifying for an FHA Mortgage is easier and less expensive than any other mortgage loan programs.

Why should I consider an FHA mortgage to purchase or refinance of my Florida home? The FHA loan has more benefits for Florida home buyers and homeowners than any other mortgage. FHA loans come with better interest rates and approvals are based upon a common sense approach and not tied to a Florida mortgage applicants credit score but rather the FHA loan is approved based upon payment history.

Do I have to be a first time home buyer to use an FHA loan? No, you can use FHA loan as many times as you desire when buying a home or refinancing your mortgage. The only guideline is that you cannot have more than one FHA Mortgage loan outstanding at a time with a loan to value of more than 75% of the home value. Investors that own rental property may use an FHA loan to purchase a primary residence.

What's the minimum credit score needed for an FHA loan? Under FHA guidelines there is no minimum credit score. FHA approved mortgage lenders have set their own minimum credit score requirements to weed out the highest risk borrowers. Most FHA mortgage lenders have a 640 minimum credit score requirement. We have a minimum credit score requirement of 530.

I have collection on my credit report will this affect my ability to get approved for an FHA loan? Borrowers with collections within the past 12 months will be approved as long as the borrower can provide detailed letter of explanation for each collection account.

What is a streamline refinance? The greatest benefit of having an FHA loan is having the ability to Streamline refinance your current FHA mortgage. An FHA streamline refinance is a very easy way for current FHA borrowers to refinance an FHA loan without having to "re-qualify" or re appraise the home. With an FHA streamline refinance borrower can only change the interest rate and term of their current FHA Mortgage.

Does FHA offer 100% financing? No FHA does not offer a 100% financing option. However FHA allows the seller to cover up to 6% of the buyers closing cost and the minimal down payment requirement is allowed to come from a Grant, Family or Friend.

How long after a Foreclosure can I use an FHA loan to buy a Florida home? You must wait a minimum of 3 years after the foreclosure to qualify for an FHA loan.

How long after a Florida bankruptcy can I use a FHA mortgage to buy or refinance a Florida home? After a chapter 7 bankruptcy a Florida home buyer can purchase a home after 2 years. After a chapter 13 bankruptcy Florida home buyers can purchase a home after 12 months on time payment history.

How long does it take to of close on a Florida home using the FHA Mortgage? Closing on Florida home purchase and loan can take up to 30 days. But with a clear title, fast appraisal and all needed documentation in we can close easily Florida home purchase within 2 weeks depending upon funding turn times.

Have Questions? Fill out a Quick Response form or (Apply Now).