FHA home loan program is a FHA mortgage loan designed to assist every Florida homebuyer
Dec 5, 2009 Author: admin | Filed under: best mortgageThe FHA home loan program is a FHA mortgage loan designed to assist every qualified and eligible Florida mortgage applicant with having the opportunity to qualify for a Florida mortgage. Insured by HUD and administered by FHA (Federal Housing Authority), the FHA home loan provides prospective Florida FHA mortgage clients with tremendous opportunities. Offering FHA mortgage rates that are traditionally lower than conventional Freddie/Fannie mortgage loan programs, the FHA mortgage loan is fast becoming the FHA mortgage loan of choice for many Florida Home Buyers
FHA Home loan Advantages For Florida homebuyers Include:
Minimal Down Payment and Closing Costs.
- Down payment less than 3.5% of Sales Price
- Gift for down payment and closing costs allowed.
- No reserves or required.
- FHA regulated closing costs.
- Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score of 540.
- FHA will allow a home purchase 2 years after a Bankruptcy.
- FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
- Higher Debt Ratio’s than other home loan programs.
- Less than two years on the job is allowed.
- Self-Employed individuals o.k.
APPLY NOW AT http://www.fhamortgagefhaloan.com/
Did you know? According to Fannie Mae, over 40% of Florida mortgage loans were originated through High Interest Rate and subprime home loan programs that could have qualified for a low Fixed FHA homeloan? Staggering – over 50% of Florida home buyers and home owners were placed in the WRONG loan program.
Not every Florida mortgage lender can originate the FHA mortgage loan. HUD maintains strict FHA lender guidelines which limit which Florida FHA mortgage lenders can assist Florida home buyers and Florida home owners like you, with FHA home loan financing. With HUD oversight and such strict quality FHA mortgage qualifying guidelines for FHA mortgage companies, Florida homebuyers know with confidence, if the Florida mortgage company you are working with originates the FHA home loans, they are a strong and FHA mortgage lender. At FHAmortgageFHALoan.com , our goal is to place you in the right FHA mortgage loan the first time, and the FHA home loan program is a solid foundation to financing success. Learn more about the FHA home loan at http://www.fhamortgagefhaloan.com/.
There are tremendous benefits of applying for an FHA mortgage:
- FHA mortgage Interest Rates much Lower than Bad Credit Loans
- FHA Underwriting is Flexibility and is not based upon your credit score is not even considered – 520? Hey, you may still qualify.
- Collections do NOT disqualify homebuyers from being eligible for an FHA mortgage
- Prior Bankruptcies do not disqualify FHA mortgage applicants , or if you qualify, mean you have to pay a higher interest rate as a “Penalty”
- NO INCOME LIMITATIONS- This means EVERYONE is eligible for the FHA mortgage loan program regardless of whether you’re wealthy or poor, have owned a home before or are a First Time Buyer.
- Higher Ratios are allowed for eligible borrowers than through Traditional home loan Mortgage programs
- Typically, there are NO Cash savings or Reserve requirements.
- FHA Approvals is done using both Automated and Manual review – This means if a FHA home loan makes sense you will get approved.
- No Credit score or No credit history is required to qualify for an FHA Loan
- FHA Home loans Work with Grant and Charity organizations – You don’t have to provide your own down payment.
- Home Buyers – Seller paid closing costs up to 6% are allowed.
- Florida Home Owners – A cash out Refi with the FHA mortgage program is just fine.
- Down Payment Assistance Help from Family and Family Friends is Allowed.
- You don’t have to have a bank account to qualify for an FHA Loan
- Overtime, Bonuses and Part Time Income can typically be used for qualifying for your FHA financing
- Non-Occupant Co-Borrowers are just fine with the FHA Loan program – You can have a parent co-sign for you and help you qualify if you can’t qualify on your own.
- FHA Mortgages are assumable
The truth is, there are many good reasons for all Florida home buyers and Florida home owners to consider the FHA mortgage loan. Beyond the fact that FHA interest rate benefits, and the most flexible qualifying and great terms, the FHA loan gives you peace of mind.
The FHA home loan program is administered in such a way that it is actually designed to protect you in tough times! How? Unlike conventional and Sub-Prime (Bad Credit home Loans), the FHA mortgage Loan offers 3 different Foreclosure intervention programs that actually help tens of thousands of Florida home owners keep their homes – EVERY SINGLE YEAR. To have these intervention options available should you have a financial nightmare, you have to have a HUD/FHA insured FHA mortgage Loan to be eligible! Just one more reason you should think hard about getting an FHA Mortgage. To find out more, visit http://www.fhamortgagefhaloan.com/
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