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FHA Mortgage - Orlando First Time Buyers
FHA mortgage financing still remains the "go to" home loan for many Orlando home buyers. This is especially true for first time buyers that have limited down payment, as FHA still allows home buyers to purchase at only 3.5 percent down payment. Listed below are some quick facts and benefits of the FHA loan.
FHA still allows up to 96.5% financing in Orange and Seminole County. The buyers down payment money can also be a gift from family, etc. FHA permits the seller of the home to pay buyers closing costs. Closing costs can be an additional 3-6% of the purchase price on top of the down payment required. By allowing closing costs to be paid by the seller, buyers can come to closing with less out of pocket money. FHA is most flexible program around in regards to credit score and debt to income ratios. Eligible credit score generally need to be 620 or higher with most FHA approved lenders. Debt to income ratio's can be over 40% in some cases with strong loan compensating factors. FHA home loans don't require any special paperwork, class or waiting to apply. Applicants can do their FHA loan application, get their letter of pre ... more
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