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 approval and go house shopping all in the same day!
- FHA loans can be used to finance just about any home for sale. It doesn't matter who is selling the home, or if the home is a foreclosure sale, etc. The home just has to meet the FHA/HUD requirements on condition. Basically any home around Orlando that doesn't require extensive rehab ( move in ready) should be fine.
- The FHA program allows for co-signers. Maybe a new first time buyer need their parents to co sign for credit or debt to income purposes. FHA will permit this even if the co signer does not occupy the home.
- FHA offers flexible streamline refinance options for homeowners that may want to refi into a lower interest rate in the future.
Any home buyers in Florida or GA that have questions are encouraged to reach out to us ( 7 days a week) by calling Ph: 904-302-6060 or visit www.FhaMortgageSource.com
Serving all of Orange County - Apopka, Bay Lake, Belle Isle, Christmas, Doctor Phillips, Lake Buena Vista, Maitland, Oakland, Ocoee, Orlando FL, Tangerine, Windermere, Winter Garden, Winter Park. Seminole County - Altamonte Springs, Casselberry, Geneva, Lake Mary, Lake Monroe, Longwood, Oviedo, Sanford, Winter Springs
Some locations around Orange and Seminole County may also be eligible for the 100% USDA Rural loan. This is also a great mortgage program for approved buyers. Learn more at USDA Mortgage Source