| Florida FHA loans are very popular right now as they | | | | - 95% loan to value on cash out |
| allow first time Florida home buyers and people with | | | | - No reductions to loan amount for declining markets |
| challenged credit access to low cost secure fixed rate | | | | - Not credit driven (low credit scores receive the same |
| mortgage. Most other banks and lending institutions | | | | great rates as high credit scores) |
| require a middle score of 620 for any FHA loan, | | | | - No need to pay off medical or small collection |
| however at we are still able to extend FHA loans to | | | | accounts (letters of explanation are used) |
| anyone with a middle credit score of 580 or higher. For | | | | - Resident aliens are allowed |
| those with credit scores worse then 580 other Florida | | | | - Very low mortgage insurance coverage (typically |
| hard money options may have to be considered if | | | | 50%-75% lower than conventional mortgage |
| your score can't be boosted into the 580 range. | | | | insurance) |
| 100% Florida FHA Loans - FHA Mortgage accepts | | | | - Co-signers (including non occupant co-signers) are |
| down payment assistance gifts on all Florida FHA | | | | allowed |
| loans. We specialize in helping our clients structure their | | | | - No income limitations at all |
| purchase so that they have to come to closing with | | | | - No prepayment penalties EVER |
| little to no money out of their pockets! | | | | - Security of a 30 year fixed mortgage |
| Here are some of the prime benefits of an FHA loan: | | | | - 6% seller contribution are allowed for closing costs |
| - Low down payment of 3.5%. | | | | (no money out of pocket for buyer!) |
| - No approved zoning requirements | | | | - Ability to use non tradition trade lines to qualify (phone |
| - Mobile Homes loans are allowed | | | | bills, light bill, electric bill, cell phone bill, etc.. |