The FHA loan program was created to help increase homeownership. The FHA home loan makes buying a Florida home easier and less expensive than other types of Florida Mortgage loan programs. Here are just some Examples of how FHA can help you buy a Florida home,
Minimal Down Payment and Closing Costs.
· Down payment less than 3% of Sales Price
· 100% Financing options available
· 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:
· No minimum FICO score or credit score requirements.
· 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.
Apply for a Florida FHA loan at www.FHAmortgagePrograms.com
Answers to Mortgage Questions
Whether Refinancing or Buying, We
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I need a mortgage. Why should I do business with you?
What is a Home Loan?
What is a Mortgage?
What is Refinancing?
What is FHA?
What is HUD?
What is Sub Prime?
What is a Lender? Do I need a Lender?
What is a Broker? Should I use a Mortgage Broker?
What is a Mortgage Originator?
What is a Mortgage Loan Processor?
What is a Mortgage Underwriter?
What is a Pre-Approval Letter?
What is a Mortgage Commitment?
What do I need to apply for a mortgage?
What is the difference between a fixed and adjustable rate mortgage?
Can I buy a house using a FHA Loan?
How much mortgage do I qualify for using an FHA Loan?
Does the FHA loan impact how much house I can qualify to buy?
How do I qualify for a home mortgage using the FHA program?
What is the difference between a regular mortgage and a FHA Loan?
Do you have to improve your credit score to get a better rate with FHA?
What is the importance of credit when you apply for an FHA Loan?
I heard the FHA loan is only for 1st time buyers, is that true?
My mortgage company says I should not consider the FHA program. Why should I listen to you and not them?
I want to improve my mortgage term. Can I refinance my FHA loan now?
How soon can I refinance to a new home loan?
How often can I refinance my home?
How can I refinance my home when I have credit problems?
Where can I refinance my home if I'm late on my mortgage?
Florida Mortgage Questions? And Answers?
Q: What is a FHA mortgage?
A: An FHA mortgage is a mortgage insured by the Federal housing administration. The FHA does not lend money; FHA only insures private FHA approved lending institutions, such as banks, credit unions, or savings and loans that lend money. A FHA-approved mortgage loans are insured to the lender in case the homebuyer defaults on the loan. Because FHA mortgage are insured you can finance up to 97% of the purchase price and the seller can pay up to 6% of your closing cost. Making the FHA mortgage the most affordable choice for Florida homebuyers.
Q: What is FHA mortgage insurance, and how does it apply to FHA mortgages?
A: FHA Mortgage insurance is required to secure a FHA mortgage. FHA Insurance proceeds are collected by the FHA approved lender (the bank, credit union, or savings and mortgage) and paid to the FHA. If a Florida buyer defaults on the mortgage, the money will be returned to the lender in the form of insurance against the default. There are 2 premiums that FHA mortgage loans require. The UFMP 1.75 financed into the purchase and MIP of .55% per year included in the payments. Private mortgage insurance may be required until 20 percent of the equity in the home has been paid. No other mortgage program provides Florida homebuyers to purchase a home with 96.5% financing. No other mortgage program provides 96.5% financing with No min credit score requirement.
Q: What are the advantages of a FHA mortgage?
A: There are many advantages of a FHA mortgage. First is that FHA mortgage loans have no minimum credit score requirements. FHA approved lenders set their own minimums. Typically the down payment requirement is only a 3.5 percent down payment is required to secure a FHA mortgage. Unlike conventional home loans the down payments can be a gift from a family member or Grant. In addition, the credit qualifications are easier and lenders can use compensating factors to approve FHA mortgage applicants. For example, Bankruptcy or foreclosure does not disqualify a borrower from approval if the processes have been completed within the required time period.
Q: What type of Florida home can I purchase with an FHA mortgage?
A: Florida first time homebuyers or moving up buyers can utilize FHA mortgage insurance to purchase a single-family, condo, town home, modular or manufactured home within the Florida FHA lending limits.
Q: Are FHA mortgage loans more complicated than conventional?
A: No, FHA mortgage financing procedures have slimmed down in the past 20 years. In some cases, it is easier to qualify for a FHA mortgage than it is for a conventional mortgage.
Q: Who is eligible for a FHA mortgage?
A: Anyone who has stable, predictable income likely to continue and meets the credit, income, and employment requirements is eligible for a FHA mortgage. U.S. citizenship is not required for a FHA mortgage. FHA only approved Florida home loans secured with the mortgage must be the Florida homebuyer's primary residence. A social security card is necessary to qualify for a FHA mortgage.
Q: What are the interest rates on FHA mortgages?
A: Florida FHA mortgage interest rates are on par with the national average for conventional mortgages. Florida FHA mortgage interest rates reflect current market conditions and very depending on Florida market conditions.
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