| Florida FHA LOAN | | | | condos, planned unit developments, manufactured |
| What are FHA Loans? | | | | homes, and 1-4 family residences, in which the Florida |
| FHA stands for Federal Housing Authority. The (FHA) | | | | home loan applicant intends to occupy one part of the |
| Federal Housing Authority home loan provides | | | | multi-unit residence. |
| low-cost insured home mortgage loans that suit a | | | | What types of refinance programs does FHA offer in |
| variety of Florida home purchasing options. Whether | | | | Florida ? |
| you're buying a Florida home or want or refinance your | | | | There are three main types of FHA Refinance loans |
| Â Florida mortgage, FHA loans might be right for you. If | | | | available in Florida. |
| you're unsure about your credit rating, or have | | | | Some advantages of using a FHA mortgage for your |
| concerns about a down payment, a Florida FHA loan | | | | mortgage refinance are as follows: |
| can give you piece of mind with super low closing | | | | Florida Cash-Out Refinance up to 85% for existing or |
| costs and flexible payment options. | | | | new Florida FHA mortgages. |
| What factors determine if I can qualify for an FHA | | | | - Cash-Out up to 85% of your properties value. |
| Loan in Florida? | | | | - Consolidate first and second mortgages into single |
| To be eligible for an FHA mortgage in Florida  , your | | | | loan. |
| monthly housing expense including  (mortgage principal | | | | - Bill consolidation programs. |
| payment and interest, 1/12th property taxes, and 1/12 | | | | - Easier credit and income qualifications. |
| insurance) must be no more than 35% of your gross | | | | - FHAÂ regulated closing costs. |
| monthly income. Your credit for the last 12 months will | | | | Refinance your Rate and Term Mortgage Refinancing |
| be reviewed to determine your willingness to pay debt. | | | | up to 96.5% of your homes value. |
| You must be able to make a of 3.5%, and be able | | | | - Consolidate first and second Florida mortgages into a |
| cover closing costs and have enough income to pay | | | | single loan. |
| your monthly obligations. | | | | - No FICO score OK or min. 530 credit score. |
| What is the maximum amount that I can borrow? | | | | - Competitive rates for borrowers with a Bankruptcy |
| The maximum amount for an FHA loan is determined | | | | older than two years. |
| by the Florida FHA lending limits: | | | | - Competitive rates for borrowers with a Foreclosure |
| Maximum FHA Loan Amount in Florida: The maximum | | | | older than three years. |
| loan amount allowed for Florida FHA loans vary from | | | | - Easier credit and income qualifications. |
| county to county in FL. The highest maximum FHA | | | | - FHA regulated closing costs. |
| loan right now in Florida is $423,750 in Miami Dade, | | | | FHA Streamline Refinance for existing FHA loans only. |
| Broward, and Palm Beach Florida. | | | | - No Cost Interest Rate Reductions programs. |
| Maximum financing: In Florida , the maximum FHA | | | | - No Income or Credit Qualifications*. |
| financing will be 97.75% of the appraised value of the | | | | - Zero cost refinance options available. |
| home or its selling price, whichever is lower. | | | | - Easily switch amortization for adjustable to fixed or |
| How much money will I need for the down payment | | | | vice versa. |
| and closing costs? Florida FHA loans require the | | | | - Easily shorten or lengthen term of your existing loan. |
| Florida home buyer to invest at least 3.5% of the sales | | | | - Easier credit and income qualifications. |
| price in cash for the down payment and closing costs. | | | | FHASecure Refinance with current mortgage lates. |
| If the sales price is $100,000 for example, the home | | | | - Refinance your Florida mortgage at competitive |
| buyer must invest at least $3,500. However, the home | | | | rates even if you have a mortgage late on your credit |
| buyer can use gifts from family, funds from local, state | | | | that is directly due to adjusting mortgage. |
| or government agencies, or other sources for the | | | | - Qualify for refinance even if currently in foreclosure. |
| down payment. | | | | Seniors Refinance Your Mortgages with a FHA |
| Are Closing cost more with a FHA Loan? | | | | reverse mortgage and Eliminate Your Mortgage |
| NO in fact the seller can pay up to 6% of your closing | | | | Payments |
| cost including prepaid taxes and insurance. | | | | - If you are over 62 years old, you maybe able to |
| What property types are allowed for FHA Loans in | | | | refinance your existing Florida home loan  and get rid |
| Florida? | | | | of those monthly mortgage payments. |
| While FHA Guidelines do require that the property be | | | | - View current FHA reverse mortgage refinance |
| Owner Occupied (OO), they do allow you to purchase | | | | guidelines. |