FLorida FHA Mortgage, Florida FHA loans create opportunity for Florida homebuyers
Posted on Sunday, March 14th, 2010 at 7:38 am
Florida FHA Mortgage Programs
FHA loans have been helping Florida homebuyers become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your Florida mortgage lender can offer you a better deal.
- Low down payments
- Low closing costs
- Easy credit qualifying
What does FHA have for you?rong>
Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan.
Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer “yes” to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
Want to make your home more energy efficent?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.
The FHA loan program was created to help increase homeownership. The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Here are just some Examples of how FHA can help you buy a 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 and 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.
Whether Refinancing or Buying, We
Deliver Good Answers to Great Questions!