Martin County homebuyer can still purchase a home today with minimal down payment. In fact the 2014 FHA loans still permits up to 96.5 financing in Indiantown, Jensen Beach, Jupiter Island and Stuart. FHA continues to adjusting their mortgage guidelines for Martin County First Time Home Buyers as well as FHA Refinance borrowers. Listed below are a few things to help make sense of the application process and loan requirements for 2014:
Documentation Needed for FHA Application 2014 –
- Primary and Co-Borrower’s income, current and full two year job history with W2 and/or tax returns.
- Asset account balances including checking, savings and retirement accounts like 401K, etc.
- Location and property type (single family home, etc)
- Primary and Co-Borrower Social Security Numbers for credit report processing
- Last two years of living history – address, etc.
If your credit profile needs a little help, remember, FHA does permit for non occupying co-borrowers such as parents, grandparents, or any direct family member who can strengthen the file. Co-Borrowers can bring more income or a stronger credit profile to the file and help you immensely in qualifying. However, it’s important to remember that the qualifying credit score used, will be the lower of two borrower’s. One borrower that has real high credit scores cannot “offset” another borrower that may have bad credit. The current min required credit score for most lenders and banks is 620.
Some Quick Facts About the FHA Mortgage Program in Martin County –
- FHA allows up to 96.5% financing. Much less than the 10% required by conventional loan programs.
- Home seller can pay up to 6% of buyers closing costs.
- The FHA program is not limited to just first time home owners.
- FHA loans offer secure 15 or 30 year fix terms, along with adjustable rate options.
- FHA loans are backed by the US Government.
There have been some changes over the last few years and it’s important that not only your loan officer is up to date on these changes but, it is also helpful for you to be aware of these updates.
Questions? We are ready to help 7 days a week. For fast service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Be sure to also visit www.FiveStarsMortgage.com for the latest mortgage info.
For homebuyers located in more rural areas – please take a look at the $0 money down USDA program at https://www.fivestarsmortgage.com/usda-rural-loan Some locations around Martin county are eligible for the 100% USDA Rural Housing loan.
Five Stars serves Martin County – Arundel, Hobe Sound, Hutchinson Island South, Indiantown, Jensen Beach, Jupiter Island, Ocean Breeze Park, Palm City, Sewall’s Point and Stuart