Florida FHA Mortgage, Florida FHA Home Loan, Florida FHA Loan, FHA Interest Rates

FLORIDA FHA LOAN SPECIALISTS

For the most up to date Florida FHA Home Loan requirements please click here.

Please note before applying, manufactured or mobile homes are NOT permitted.

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

There are a great many benefits to the Florida FHA loan program. Florida 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 Florida 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.

Click Here To View Our FHA Video

Please note, Florida FHA financing generally requires a credit score of 640 or higher. For those Florida homebuyers with credit scores below 640, please feel free to click here to fill out the request form. It only takes 1 min and no personal information is every required. Our partnering credit specialist team can contact you to discuss ways to improve your scores and get you on a path of homeownership.

Here are some of the prime benefits of the Florida FHA Home Loan:

• FHA has a low down payment of 3.5%
• Very low mortgage insurance coverage (typically 50%-75% lower than conventional mortgage insurance)
• Co-signers (including non occupant co-signers) are allowed
• No income limitations at all. However, income must be fully documented
• No approved zoning requirements
• Mobile Homes and raw land is not permitted. 
• 95% loan to value on FHA cash out refinance in Florida
• 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)
• No prepayment penalties EVER
• Security of a 30 year fixed mortgage
• 6% seller contribution are allowed for closing costs with FHA (no money out of pocket for buyer!)
• Ability to use non tradition trade lines to qualify (phone bills, light bill, electric bill, cell phone bill, etc..)
• High debt to income ratios up to 45% 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 funds are allowed from family, friends, work, or other interested parties

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

If you are a Florida home buyer located in USDA rural eligible area, please be sure check into the 100% USDA Rural Housing loan by clicking here.

We also offer several variations of FHA loans such as:

Contact us now or apply online and let us get you pre-qualified for an FHA purchase or FHA refinance today!

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