| Guide to Florida FHA Mortgage loans | | | | limited to the fans, blinds, refrigerator, microwave, |
| If your thinking of buying a Florida home, or you're | | | | stove, alarm system, etc. and rate certain aspects of |
| relocating to Florida from another location, or you may | | | | the conditions of both the included property and of the |
| be a long-time Florida homeowner who is looking to | | | | home itself. This document requires the seller to |
| either refinance your current mortgage or cash out | | | | disclose any potential problems or hazards that may |
| refinance for home improvements. Regardless of your | | | | discourage the Florida buyer from putting an offer in |
| situation, it's important that you educate yourself on | | | | on the home. |
| Florida FHA home loans before shopping for a home | | | | Florida's Civil Code Provision of the Real Estate Act |
| and/or your next Florida mortgage. This article | | | | regulates the issuance of variable interest rates for the |
| explains what you will need to know before seeking a | | | | purchase of real estate. Therefore, borrowers who |
| FHA home loan in Florida: | | | | are issued large mortgage amounts are guaranteed a |
| Florida home buyers should know the many | | | | fixed rate FHA mortgage loans. Florida law also |
| advantages of the FHA mortgage loan programs. | | | | prohibits the charging of interest more than one day |
| Florida FHA loans were created to help increase | | | | prior to the recording of the mortgage even if the |
| home ownership. For the Florida home buyer the FHA | | | | borrower received the loan prior to that time. |
| program can simplify the purchase of a home, making | | | | In July of 2002, Florida law enacted a set of |
| financing easier and less expensive than a | | | | anti-predatory lending laws in order to help protect |
| conventional mortgage loan product. Some highlights of | | | | Florida mortgage applicants from predatory lenders. |
| the Florida FHA loan program include: | | | | Some of the provisions of this new set of laws include |
| - Minimal Down Payment and Closing costs. | | | | the prohibition of a lender charging points and fees in |
| - Down payment less than 3% of Sales Price Gifts | | | | excess of 8% of the total principal financed amount, |
| are allowed | | | | the prohibition of a FHA mortgage company issuing a |
| - Seller can credit up to 6% of sales price towards | | | | loan to a borrower in an amount that the borrower |
| closing and prepaid costs. | | | | could not reasonably afford to repay, and the |
| - 100% Financing available | | | | prohibition of the financing of single-premium credit |
| - No reserves required. | | | | insurance, among others. |
| - FHA regulated closing costs. | | | | If you're buying a Florida home, you first want to look |
| - Easier Credit Qualifying Guidelines such as: | | | | at the Florida FHA Loan. First-time home buyers qualify |
| - No minimum FICO score or credit score | | | | for Florida FHA loans with below-market interest rates, |
| requirements. | | | | and, depending on their eligibility, may also qualify for a |
| - FHA will allow a home purchase 1 year after a | | | | loan in order to cover down payment and/or closing |
| Bankruptcy. | | | | costs. Teachers and other professionals who work in |
| - FHA will allow a home purchase2 years after a | | | | an educational capacity may qualify for Florida's Extra |
| Foreclosure. | | | | Credit Teacher Home Purchase Program, a down |
| Apply for FHA financing in Florida at ( | | | | payment assistance loan with forgivable interest. |
| Florida's FHA mortgage specialist. | | | | In addition to Florida FHA mortgage loans offers |
| The median price of a home in Florida is $246,000,. | | | | comparable programs to persons with disabilities or |
| And, recently the value of homes in Florida have been | | | | persons who live with and care for persons with |
| appreciating at astronomical rates . Infact well above | | | | disabilities. The state also offers several unconventional |
| the national average. As a result, income levels in | | | | loans designed to aid homebuyers with the costs of |
| many parts of Florida are too low to purchase a | | | | their monthly mortgage payment. For example, Florida's |
| Florida home with a conventional loan. Although | | | | Interest Only PLUS loan provides qualified homebuyers |
| average interest rates for Florida FHA loans are | | | | with a 100% financing 35-year loan that only requires |
| below the national average, Florida has one best levels | | | | payments toward the accrued interest on the |
| of home affordability in the entire nation. | | | | mortgage for the first five years of the loan -- |
| In Florida, before a buyer submits an offer on a Florida | | | | borrowers do not have to pay toward the principal |
| home, their real estate agent is required to present | | | | amount borrowed until after the first five years. The |
| them with a completed Real Estate Transfer | | | | individual requirements of each of these Florida FHA |
| Disclosure Statement. The disclosure statement | | | | mortgage loan vary depending on the Florida county in |
| finished by the seller disclosures all material facts that | | | | which you are buying a house. Specific requirements |
| may affect the value of the home. The document | | | | can be obtained through the Florida FHA Housing |
| requires the seller to list all of the property that will be | | | | Finance Agency. |
| included in the purchase of the home including but not | | | | |