FHA Loan, FHA mortgage down to 530 FICO

Written by admin on April 11th, 2011

FHA Mortgages Loans down to a 530 FICO

 Purchasing a new Florida home is exciting. Finding the right Florida home for you and your family requires a great deal of work and decision making. And, finding just  the right FHA mortgage is just as important as finding the right home.  

Many Florida first time homebuyers and moving up buyers take advantage of FHA loans when purchasing  a Florida home. Our FHA mortgage FHA loan website can help you to learn about the benefits of a FHA mortgage Loan.

A FHA mortgage loan can be an attractive option to many Florida first-time homebuyers, as down-payment requirements for a FHA mortgage can be as low as 3.5% percent. And, the seller can pay up to 6% of your closing cost and prepaid. However, you don’t need to be a Florida first-time buyer to take out a FHA mortgage; the only stipulation is that a purchaser may only have one FHA mortgage at a time. A summary of FHA home loan advantages include:

Minimal Down Payment and Closing Costs.

FHA Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. 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:

Minimum FICO credit score of 540. 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.

Apply Now at




FHA mortgage Refinancing

 The FHA also allows Florida current homeowners to obtain a FHA mortgage refinance. A FHA mortgage refinance makes it possible to lower your interest rate and your monthly mortgage payments. You may also take out cash from the equity in your Florida home to pay off debt or make home improvements, or avoid foreclosure on your Florida home. With many Florida homeowners currently facing interest rate resets, it’s hard to keep up with the mounting monthly mortgage payments.

 Florida Refinance with FHA mortgage, Florida FHA mortgage Refinance,

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 two years. Competitive rates for borrowers with a Foreclosure older than three 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.


History of the FHA

 The FHA, or the Federal Housing Administration, was established by the government to improve housing conditions for Americans. The government established the FHA mortgage home loan  in 1934 to improve existing housing standards and conditions. Prior to 1934, a down payment was typically 50 percent of the home’s price and payments were stretched out between only 1-5 years. You can learn more about FHA loans from the Department of Housing and Urban Development.

 How a FHA Mortgage Works

 Federal housing administration or FHA does not lend the money; they  simply insure private FHA Mortgage lenders will be paid to the lender if the Florida home buyer defaults. It is always the decision of the Florida mortgage lender (a bank, credit union, or savings and loan) to decide whether or not they will lend the money.

The FHA home loan program tends to be more forgiving than conventional mortgages in terms of past credit history. A past bankruptcy discharged as little as two years ago may not hinder a Florida homebuyer from qualifying for the FHA program.

Typically, FHA mortgages do not require more than a 3.5% percent down payment. Unlike traditional loans, this money may also be a gift to the Florida homebuyer and does not need to be secured as the homebuyer’s own money. Often, there are “points” associated with FHA mortgages that are usually worth about 1 percent of the total mortgage value. These points are paid to lenders to help lower the interest rate of the mortgage.

Florida mortgage applicants will also have to pay PMI (private mortgage insurance) on the mortgage. PMI is used to ensure that the total amount of the mortgage will be paid to the lender if the buyer defaults. Usually, a PMI will not?? be put into effect until 20 percent of the mortgage has been paid.

FHA mortgages have no mortgage value cap. In other words, you can take out a FHA mortgage for 0,000 – 0,000 without any restrictions, other than credit applicability.

Closing costs on FHA (or conventional loans) are usually between 2-3 percent of the total mortgage amount and are the responsibility of the buyer. However, FHA closing costs can be financed into the total amount of the mortgage and paid off accordingly.

Learn more about the different types of FHA loans.

Qualifying For a FHA Mortgage

  To be approved for a FHA mortgage in Florida , you must have a satisfactory credit history, which shows your commitment to paying off debts in a timely manner. Also, you must be able to prove that the total monthly mortgage payment will be less than 35 percent of your monthly income. The number arrived at after multiplying your total monthly income by 35 percent is referred to as PITI, or principle, interest, property taxes, and insurance. The PITI amount is the highest amount that your monthly mortgage payments may be. Furthermore, long-term debt, such as car loans and credit card balances, in addition to the monthly PITI amount cannot be more than 45 percent of your total monthly income. More information about loan qualifications is available from the FHA.

 While these qualifications may seem a little stringent, they are actually more lenient than traditional mortgage qualifications. The decreased down payment makes this type of mortgage even more desirable for many people.



Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply