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Fort Lauderdale FHA Loans Make Home Ownership Easy

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Fort Lauderdale Florida FHA Loans Make Home Ownership Easy

Fort Lauderdale Florida FHA Loans
Whether you're a First-time Home Buyer or an experienced Home Buyer, Fort Lauderdale Florida FHA loans make home ownership easy and attainable. Fort Lauderdale Florida FHA loans provide borrowers more flexibility and ways to qualify than Conventional loans.  Home Buyers can eliminate many of the obstacles they may face with more traditional mortgages.

Fort Lauderdale Florida FHA loans provide solutions to many of the most common barriers to home ownership, including credit issues, down payment and closing cost requirements, length of employment, debt-to-income ratios and property condition. Let's take a closer look at how FHA loans can make make buying and financing a home easier.         

                                                                                                                                  FHA loans

Credit Issues

Available for credit scores down to 620 - Although FHA doesn't have a minimum credit score requirement, most lenders require a 620 minimum credit score. Fort Lauderdale Florida FHA loans may be available with lower scores, but require extenuating circumstances that must be well documented (typically medical related).

FHA loans are more lenient regarding Collection and Charge-off accounts.
FHA loans have only a 2 year waiting period after bankruptcy to qualify for a mortgage.
FHA loans have only a 3 year waiting period after a short-sale or foreclosure to qualify for a mortgage.

Down Payment & Closing Costs

FHA loans only require a minimum 3.5% down payment to purchase a home.
FHA loans allow for 100% gift funds from family member for down payment of a home.
FHA loans allow for 100% gift funds from family member for closing costs & escrow requirements.
FHA loans allow for Seller to contribute up to 6% of sales price toward closing costs & escrow requirements.
FHA loans do not require any payment reserves after closing.

Employment

FHA loans may allow for shorter-time on the job history.
FHA loans may allow for one year self-employment job history.

FHA loans

Debt-to-Income Ratios

FHA loans allow for a higher debt-to-income ratio than other traditional mortgages.
FHA loans allow for a non-occupant Co-borrower to help qualify for a mortgage.
FHA loans allow for deferred Student loans not to be included in debt ratio if deferred for at least 12 months.
FHA loans allow a borrower with a current home to utilize rental income from property if retaining to help qualify even without prior history of owning and managing rental property.

Property Condition                                                                                                   FHA 203k loans

FHA loans do not require property to have appliances in place to close.
FHA loans are available to rehabilitate, repair, upgrade or add-on to an existing property. These types of FHA loans are called FHA 203k loans and allow for the cost of the renovations to be financed into the mortgage.

As you can see, Fort Lauderdale FHA loans provide buyers every advantage to qualify for and obtain financing to purchase a home.

Harvey Collier - FHA Loan Consultant - Primary Residential Mortgage