Financial Resource

Florida FHA Mortgage Loan

Providing Florida mortgage solutions for those looking for an FHA loan in Florida!

FHA loans have returned to the Florida home loan arena as a smart mortgage option for Florida first time home buyers and moving up Florida homebuyers with less than perfect credit. FHA Loans are often a better option for Florida buyers if you have a fair to good credit rating and are looking for a low down payment mortgage options.

Florida home buyers should know the many advantages of the FHA home loan compared to other mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida mortgage applicant the FHA mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional or subprime mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase 2 years after a Foreclosure.

Generally, FHA standards are less strict when it comes to mortgage insurance, and while you likely will not qualify for conventional financing, an FHA Loan is your key to home ownership. Other reasons why Florida mortgage applicants prefer FHA home loans include:

1. Its Easier to Qualify – Because the FHA insures private Florida mortgage lenders against loss they are more willing to give home loans with lower qualifying requirements so it’s for Florida homebuyers to easier qualify.

2. Its Okay if You Have Less-than-Perfect Credit – Even if you’re a Bad credit applicant and have had credit problems, such as a past Florida bankruptcy, it is easier for you to qualify for an FHA Loan than a conventional loan.

3. You Can Make a Low Down Payment – FHA Loans have a 3.5% down payment requirement, which is much lower than the amount typically required for conventional financing options.

4. Fortunately, FHA Loans Cost Less – FHA Loans have competitive interest rates because the loans are insured by the Federal Government. Because they are insured, FHA loans allow for lower interest rates and other advantages not offered by conventional loans.

5. Help Yourself Keep Your Home – The Federal Housing Administration, (FHA) has been around since 1934 and goes the extra effort to help you keep your home when others will leave you on your own. Should you encounter hard times after buying your home, the FHA has many options for Florida homeowners to help keep you in your home and avoid a Florida foreclosure.

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