The FHA loan program was created to help increase homeownership. The FHA program makes buying a Florida home easier and less expensive than other types of Florida home loan programs. Here are just some Examples of how FHA can help you purchase 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.
FHA refinancing offers benefits for current Florida real estate home owners who are seeking to complete a refinance mortgage of their existing real estate mortgage. A Florida FHA home loan refinance may also benefit you even if you do not currently have a FHA loan.
Some advantages of using a FHA mortgage for your mortgage refinance are as follows:
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
· Cash-Out up to 95% of your properties value.
· Consolidate first and second mortgages into single loan.
· Bill consolidation programs.
· Easier credit and income qualifications.
· FHA regulated closing costs.
Rate and Term Mortgage Refinancing up to 97% of your homes value.
· Consolidate first and second mortgages into a single loan.
· No FICO score or credit score requirements
· Competitive rates for borrowers with a Bankruptcy older than 2 years.
· Competitive rates for borrowers with a Foreclosure older than 3 years.
· Easier credit and income qualifications.
· FHA regulated closing costs.
FHA Streamline Refinance for existing FHA loans only.
· No Cost Interest Rate Reductions programs.
· No Income or Credit Qualifications.
· Zero cost refinance options available.
· Easily switch amortization for adjustable to fixed or vice versa.
· Easily shorten or lengthen term of your existing loan.
· Easier credit and income qualifications.
FHA Secure Refinance with current mortgage lates.
· Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage.
· Qualify for refinance even if currently in foreclosure.
· Complete details of FHA Secure loan.
