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Florida FHA Loan Qualifying
In General it’s easier to qualify for Florida FHA home loan compared to conventional loans and have lower down payment requirements. Unlike a conventional mortgage that is credit score driven; FHA loans do not have a minimum credit score requirement. This helps first time home buyers and other Florida buyers with bad credit qualify. The FHA loan limits in Florida vary deposing on the county and how much FHA will allow you to borrower depends upon your income. FHA loans typically will all a Florida mortgage applicant to spend up to 1/3 of his or her Gross monthly income towards the housing expense. So if you bring in $3000 per month before taxes. FHA loans allow you to spend up to $1000 or 1/3 of your gross monthly income (before taxes) on your Florida home expenses. The housing expense includes the mortgage payment plus the monthly taxes and insurance.
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Florida FHA Information from a Florida FHA mortgage Lender
Why choose an FHA mortgage over another loan program?
There are lots of good reasons why Florida homebuyers and Florida homeowners choose an FHA-insured loan over a conventional or subprime mortgage loan, especially if one or more of the following apply to you:
- You’re a Florida first-time homebuyer.
- You don’t have a lot of money for a down payment on a Florida home.
- You want to keep your monthly mortgage payments as low as possible.
- You’re worried about your mortgage monthly payments going up.
- You’re worried about qualifying for a home loan.
- You don’t have perfect credit.
If your looking to purchase a Florida home and any of these things describe you, then an FHA mortgage loan may be right for you. Why? FHA mortgage loans insured
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Every Florida home buyers should know the many advantages that come with an FHA mortgage loan. FHA loans were created during the great depression to help increase home ownership. For the Florida mortgage applicant the FHA program can simplify the purchase of a Florida home, making financing easier and less expensive than a conventional or subprime mortgage loan. 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: