Florida FHA Loans

We offer bad credit mortgage and other mortgage loan facilities, home financing and 80/20 loan in Florida, Altamonte Springs, Apopka, Casselberry, DeLand, Deltona and Edgewater. We also offer other mortgage loan facilities, home financing and 80/20 loan in Kissimmee, Lake Mary, Longwood, Maitland, Ocoee, Ocala, Orange City, Orlando and Tampa.

FLORIDA FHA LOAN SPECIALISTS

FHA stands for the Federal Housing Administration. FHA was created in 1934 to help Americans realize the dream of Homeownership. FHA was absorbed into HUD in the 1960s and is now known as HUD-FHA.

There are a great many benefits to the FHA loan program. FHA loans are insured by the US government. They provide lenders with greater security than they get when they write traditional loans. HUD sets the basic FHA guidelines for lenders, however lenders are able to add on their own specific requirements. This is why not all lenders are able to offer Florida FHA loans to the same individuals. It is very important that you deal with a company well versed in FHA loans and that knows exactly how to take advantage of all of their great features.

Here are some of the prime benefits of an FHA loan:

Low downpayment of 3%
very low mortgage insurance coverage (typically 50%-75% lower than conventional mortgage infurance)
Co-signers (including non occupant co-signers) are allowed
No income limitations at all
No approved zoning requirements
Mobile Homes loans are allowed
95% loan to value on cash out
No reductions to loan amount for declining markets
Not credit driven (low credit scores receive the same great rates as high credit scores)
No need to pay off medical or small collection accounts (letters of explanation are used)
Resident aliens are allowed
No prepayment penalties EVER
Security of a 30 year fixed mortgage
6% seller contribution are allowed for closing costs (no money out of pocket for buyer!)
Ability to use non tradition tradelines to qualify (phone bills, light bill, electrib bill, cell phone bill, etc..)
high debt to income ratios up to 42% and up to 50% with compensating factors
Compensating factors such as length of time on the job or funds in reserves help overlook negative factors
No reserves required from buyer
Gifts are allowed from family, friends, work, or other interested parties
Down Payment Assistance Programs allowed

100% FHA Loans: Five Stars Mortgage accepts down payment assistance gifts all FHA loans. We specialize in helping our clients structure their purchase so that they have to come to closing with little to no money out of their pockets!

FHA loans are very popular right now as they allow first time homebuyers and people with challenged credit access to low cost secure fixed rate mortgage.

We also offer several variations of FHA loans such as:

FHA streamlined refinance - no appraisal required when you refinance your current FHA loan into another FHA loan. The loan allows client's to take advantage of historically lower interest rates and lock into a new FHA loan without having to provide as much documetnation. We structure the loans so that there are no out of pocket expenses for our client's.

FHA 203K loans - These are basically rehab loans. They allow borrowers to purchase homes and roll the rehab costs into the loan. It is available on a purchase or refinance transaction. This is an excellent way to get a home for a great price and finance the costs involved in fixing it up like new again! FHA offers their same great rates and secure financing on the 203K loan programs.

FHA Secure - FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe. Even if you are upside down on your home we can help you refinance into a secured FHA fixed rate loan!

MORTGAGE PROGRAMS