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FHA APPROVED LENDER

 

FHA HOME PAGE    ▪    FHA CREDIT    ▪    FHA LOAN LIMITS    ▪     FHA MANUFACTURED HOME    ▪     FHA 203K

 

Florida Mortgage Corporation is approved by HUD to originate FHA loans. Call or email a Florida Mortgage Corporation FHA loan specialist with all your questions.

MINIMUM CREDIT SCORE  =  580

HUD guarantees eligible loan applicants the ability to obtain mortgages with little or no money down. FHA loans can be fully assumable. Loan limits apply depending upon where the property is located in Florida.

FHA loans feature low down payments and flexible guidelines to make it easier to qualify! FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers and homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the home. Please keep in mind that the loan will be based on the purchase price or the appraised value, whatever is the lesser amount.

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.   

The advantages of a FHA insured mortgage product to a homebuyer are many. A homebuyer may apply for a HUD FHA insured mortgage and purchase a home with little or no out of pocket expense! FHA mortgage insurance permits lenders to make mortgages for first time homebuyers without risk. 

There are no income limits or credit scoring with an HUD FHA insured mortgage, so most anyone can qualify as long as they have a reasonable credit history and can afford the monthly mortgage payments. You can also combine FHA mortgage programs with many first time homebuyer grants or down payment assistance programs offered by other agencies. 

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be a gift.


    Check the FHA loan limit for Florida

    Credit History Requirements

    FHA 203-k Rehab Mortgage Program

    FHA Manufactured Home   


FHA Streamline Refinancing

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.

The basic requirements of a "streamline refinance" are:

The mortgage to be refinanced must already be FHA insured

The mortgage to be refinanced should be current (not delinquent).

The refinance is to result in a "lowering" of the borrower's monthly principal and interest payments.

No cash may be taken out on mortgages refinanced using the "streamline" refinance process.

Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest onFHA APPROVED LENDER the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction.

Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either be paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.


Mortgage Insurance Premium   (MIP) 

This mortgage insurance is tax deductible. In order to cover some of the costs incurred by HUD for FHA loans, HUD must assess the upfront and monthly mortgage insurance to the home buyer. This upfront fee may ranges from 2.0% to 2.25% (depending upon the term of the loan) and the borrower will have to pay 0.5% annually in mortgage insurance premiums. However, if you are buying a condominium, you do not have to pay the upfront mortgage insurance premium.


 

Minimum Credit Score:

Minimum 580 Score

Minimum FHA Loan Amount:

No Minimum

Maximum Florida FHA Loan Amount For Single Family Residences

$729,750  ( Other Areas)

Maximum Loan to Value (purchases and no cash out refinances)

97.75%

98.75% for FHA loans less than $50,000

Maximum Loan to Value (cash out refinances)

85%

 

MORTGAGE APPLICATION

 

FHA HOME PAGE    ▪    FHA CREDIT    ▪    FHA LOAN LIMITS    ▪     FHA MANUFACTURED HOME    ▪     FHA 203K

FHA APPROVED LENDER

 

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